Netflix is poised to acquire Warner Bros. movie and TV-making studios, and its HBO Max streaming service.
The streaming giant has reportedly sailed past interest and offers from Paramount, Apple, Comcast and Amazon, and talks to get the deal finalised are currently underway.
Such a move will further consolidate power in the movie and TV business into the hands of the big streaming players, following Amazon’s 2022 acquisition of MGM, for $8.5 billion.
One big question is whether regulators will allow this Netflix Warner Bros. Discovery deal to go ahead at all. And Bloomberg reports Netflix will be on the hook for $5 billion if the deal is blocked.
Netflix vs the world of streaming
Netflix’s has offered $28 a share for Warner Bros. Discovery’s assets, above the $24-and-change market value of the shares at the time of writing.
Franchises that sit under the Warner Bros. umbrella include DC, The Lord of the Rings movie series, Harry Potter, The Matrix and the LEGO Movie series.
In the UK, this content is typically found on Sky’s NOW service, raising questions of what its library may look like in future if this Netflix deal does get sign-off.
At least one competing figure doesn’t think it’s likely to pan out, though.
“The simple truth is that a deal with Netflix as the buyer likely will never close,” Paramount said in a statement released earlier this week.
“Netflix is the only remaining Big Tech company that has not faced serious global antitrust enforcement, but attempting to acquire the WBD assets will change that.”
Warner Bros. Discovery’s market cap currently sits at more than $60 billion, or £45.5 billion. We expect to hear more about the deal within the coming days, assuming talks don’t fall apart.
Warner Bros. signalled it was open to acquisition in October, and rumblings of Netflix making a big play for its assets have persisted since. Paramount has since made multiple bids — adding some context to why its execs sound so sore about getting leapfrogged by Netflix.
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