Global streaming giant Netflix has submitted the highest cash offer to acquire key assets of TV and film group Warner Bros. Discovery (WBD). This binding bid was made over the Thanksgiving weekend in the U.S., as reported by Bloomberg. Netflix's primary interest lies in the highly sought-after Warner Bros. film and TV studios, alongside the HBO Max streaming service. This move positions Netflix as a frontrunner in a critical binding auction process, which also includes bids from Comcast and Paramount Skydance, and is expected to conclude in the coming days or weeks.

The acquisition of these storied, albeit debt-laden, Hollywood assets could significantly reshape the U.S. media landscape. Netflix aims to secure premium content, dominate global content production, and potentially help mitigate WBD's considerable debt. According to reports, Warner Bros. is seeking a valuation of $30 per share, a figure that the company's chair emeritus, John Malone, has indicated as "possible." On Monday, the stock closed at $23.87 in New York, giving WBD an equity market value of $59 billion. To facilitate this massive transaction, Netflix is reportedly working on securing a bridge loan totaling tens of billions of dollars.

Bankers representing the three primary bidders—Paramount Skydance Corp., Comcast Corp., and Netflix—were actively engaged throughout the long Thanksgiving weekend to finalize and improve their offers for either all or a portion of Warner Bros. Paramount's bid, supported primarily by Oracle co-founder Larry Ellison's family, also includes debt financing from Apollo Global Management Inc. and contributions from Middle East funds. Given the binding nature of these offers, the Warner Bros. Discovery board could swiftly approve a deal if the proposed terms align with its objectives. However, WBD has not yet declared these latest offers as final, leaving room for consideration of potentially more attractive future bids.

Both Comcast and Netflix have expressed interest specifically in the Warner Bros. studios and the HBO Max streaming service. Should one of their bids be accepted for these assets, Warner Bros. Discovery plans to proceed with spinning off its cable channels as a separate entity, Discovery Global. This spinoff is projected to occur by the middle of the next year, indicating a strategic unbundling of WBD's diverse portfolio.

The backstory to this potential sale reveals that the parent company of HBO, CNN, and the Warner Bros. film studio formally put itself up for sale in October. This decision followed the receipt of several unexpected acquisition offers, prompting WBD to abandon its initial plan to split into two distinct entities. Warner Bros. Discovery CEO David Zaslav officially initiated the sale process after the company had previously been a repeated target for acquisition, notably by Paramount. Interestingly, Paramount itself was recently acquired by the billionaire family of Oracle founder Larry Ellison, whose son, movie producer and Paramount CEO David Ellison, had submitted multiple offers for the entertainment group even before the formal sale process commenced.

Netflix's strong financial position underscores its capability to pursue such a significant acquisition. In the third quarter of 2025, the streaming giant reported a robust cash and short-term investments total of $18.7 billion, demonstrating substantial liquidity for strategic maneuvers. Furthermore, Netflix generated an impressive $1.4 billion in free cash flow during the quarter, a testament to its efficient operational management and consistent revenue from its expanding subscriber base. This financial strength not only supports Netflix's substantial investments in original content but also provides the flexibility necessary to chase major opportunities like the proposed Warner Bros. Discovery acquisition without an immediate reliance on excessive new debt.