Netflix Turns Up the Heat in the Warner Bros. Auction
Netflix has submitted a largely cash-backed offer for Warner Bros. Discovery as the sale process enters a decisive new phase, according to sources familiar with the negotiations.
Investment bankers from Paramount Skydance, Comcast, and Netflix all worked through the Thanksgiving weekend to finalize upgraded bids for either the entire company or select assets.
Paramount’s all-cash proposal continues to be mostly financed by the Ellison family — backed further by debt from Apollo Global Management and additional capital from Middle Eastern funds. Netflix is said to be lining up a bridge loan worth tens of billions, signaling how seriously the streaming giant views the acquisition.
With binding bids now on the table, Warner Bros.’ board can approve a deal quickly if valuation targets are met. While these offers are not labeled “final,” insiders say the company would still entertain a superior bid.
The $30-a-Share Question
Warner Bros. Discovery — parent company of HBO, CNN, and the Warner Bros. studio — is reportedly aiming for $30 per share. Company chairman emeritus John Malone recently called that target “possible.”
Shares rose to $24.30 on Tuesday, giving the company a market cap of roughly $60 billion.
The company formally began its sale process in October after receiving multiple unsolicited approaches, including three separate all-company bids from Paramount Skydance.
Breaking Up the Studio? Streaming Giants Eye the Crown Jewels
While Paramount Skydance wants all of Warner Bros. Discovery — including cable networks — both Netflix and Comcast are only pursuing:
- Warner Bros. Studios
- HBO Max streaming platform
If one of these partial bids wins, Warner Bros. Discovery would continue with its earlier plan to spin off its cable channels (CNN, TNT Sports, Discovery networks) into a standalone entity called Discovery Global. The spinoff could be finalized by mid-2026.
WSA Take
The battle for Warner Bros. marks one of the largest consolidation moves in modern media. Netflix, long cautious about major acquisitions, is signaling a new era: when subscriber growth slows, owning premium IP becomes the weapon of choice.
Comcast wants deeper control of premium studios. Paramount Skydance wants scale. And Netflix wants to lock up the content pipelines competing platforms rely on.
No matter who wins, this sale reshapes Hollywood’s power map.
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