Netflix’s Bold $72 Billion Bet on Warner Bros. Discovery: A Streaming Power Grab Amid Antitrust Storm

In a seismic shift for Hollywood, Netflix announced on December 5, 2025, its intent to acquire Warner Bros. Discovery’s (WBD) core studios, television, film production, and streaming assets—primarily HBO Max—for approximately $72 billion in a cash-and-stock deal.

Valued at $27.75 per share, the transaction hinges on WBD first spinning off its Global Networks division, including CNN and other cable channels, into a separate entity. This carve-out allows Netflix to cherry-pick the crown jewels: Warner’s vaunted IP library and Max’s 100 million subscribers,

bolstering Netflix’s own 280 million global base. But just three days later, on December 8, Paramount Global and Skydance Media upped the ante with a hostile $108 billion all-cash tender offer, injecting chaos into what was already a regulatory minefield. As bids fly, one thing’s clear: This saga could redefine entertainment, or implode under monopoly fears.