Netflix-Warner Bros. mega-deal moves forward with $72-billion offer

Netflix announced a $72-billion US offer to buy Warner Bros. Discovery’s streaming and studio division and said the proposal would speed a shareholder vote; Paramount has mounted a competing hostile bid.

Netflix announced a $72-billion US offer to acquire Warner Bros. Discovery’s streaming and studio division, framing the proposal as a move to speed a shareholder vote and provide certainty of value. The announcement came amid months of competition with Paramount, which has pursued both friendly and hostile bids for WBD. Warner Bros. Discovery had earlier signalled plans to split into two companies, separating the studio and library from news and Discovery-branded assets. Industry voices and unions have publicly reacted to the bids, and legal and regulatory steps are now expected to follow. Key developments: - Oct. 2025: Warner Bros. Discovery said it was exploring a sale after announcing plans to split into two companies. - Oct. 2025: Netflix missed third-quarter targets and said it was open to "selective" deals while reports emerged that it was exploring a bid for WBD. - Nov. 2025: Netflix pledged it would continue theatrical releases for Warner Bros. films as part of its pitch. - Dec. 2025: WBD announced a $72-billion deal with Netflix; Paramount then launched a $108.4-billion hostile bid backed by outside investors and figures linked to Paramount leadership. - Jan. 2026: WBD rejected Paramount’s hostile offer, encouraged shareholders to support the Netflix deal, and Paramount filed suit seeking details and announced plans to nominate directors. Summary: The reported $72-billion offer from Netflix and Paramount’s competing bid have set up a fast-moving contest over Warner Bros. Discovery’s studio and streaming assets, and the outcome could affect how major media brands are combined. The next formal steps include a shareholder vote and likely regulatory review, and the ultimate path forward remains undetermined at this time.