Netflix has won the bidding competition for the acquisition of Warner Bros. Discovery (WBD) and will enter exclusive negotiations with it.

The acquisition process of Warner Bros. Discovery (WBD) was initiated after the company opened offers in October, following proposals from Paramount. Netflix, having an offer valued at approximately $28 per share, is targeting the Warner Bros. and HBO Max studios, offering a $5 billion breakup fee in case the deal does not go through. Paramount warned that the acquisition by Netflix could face antitrust hurdles, accusing WBD's management of conflicts of interest, allegations denied by Warner Bros. Discovery. The deal could affect the future of WBD's CEO, David Zaslav. WBD's shares have risen by nearly 6%. Interest in WBD stems from its strategic value, having successful franchises like Harry Potter and DC Comics. A potential acquisition by Netflix would mark a major shift in its strategy, expanding its production capabilities and intellectual properties. If the deal goes through, Netflix would acquire significant assets, but not the global television segments. The impact of such an alliance could significantly reconfigure the streaming and film market.