Netflix–Warner Bros. Discovery talks enter final phase in Hollywood power shakeup

Netflix enters the final phase of exclusive talks to acquire Warner Bros. Discovery, a potential Hollywood power shift that could reshape streaming, consolidate major IPs, and trigger antitrust scrutiny across the entertainment industry.

Imran Malik – MediaBites – December 5, 2025

The biggest power shift in modern entertainment is now unfolding as Netflix enters exclusive talks to acquire Warner Bros. Discovery’s legendary film and television studio along with HBO Max, a move that could permanently redraw the global media landscape. What began as a crowded bidding war has now narrowed to one final showdown, and insiders say the industry is on edge.

For weeks, Netflix, Paramount, Skydance and Comcast fought aggressively to secure control of Warner Bros. Discovery’s crown jewels. Paramount Skydance, under new CEO David Ellison, had pushed for a full acquisition of the entire company in an all-cash bid. Netflix and Comcast, meanwhile, focused exclusively on Warner’s studio and streaming businesses.

But Netflix now stands as the last bidder at the table, and the implications are nothing short of seismic.

Before any sale closes, Warner Bros. Discovery is expected to spin off its cable networks — CNN, TBS, TNT, TruTV and Discovery Channel — carving out its traditional broadcast assets while setting up a cleaner, more focused entertainment package for Netflix to absorb.

A Deal That Changes Everything

If the deal goes through, Netflix would instantly become the most powerful content owner in Hollywood. For the first time in its history, the world’s biggest streaming service would control a major studio outright — including more than 100 years of film and TV assets, plus some of the most valuable IP in entertainment history:

• DC Studios
• HBO
• Harry Potter
• Warner Bros.’ century-old film archive

Combined with Netflix’s unmatched global distribution and subscriber base, this would create a content empire unlike anything the industry has seen.

But Power Invites Resistance

The deal is already attracting fierce criticism. A consortium of A-list talent privately signed an open letter to Congress warning that a Netflix takeover could “tighten a noose around the theatrical marketplace,” reducing film output and driving down licensing fees. The letter was signed anonymously out of fear of retaliation — a revealing sign of the influence Netflix already wields.

Regulators are also expected to scrutinise the deal heavily. With Netflix already leading the streaming world by a wide margin, adding Warner Bros. could trigger antitrust alarms in Washington and beyond. The fear is simple, but massive:
Will this create the entertainment industry’s first true monopoly?

Paramount has openly accused Netflix of tainting the bidding process, pointing to alleged management conflicts inside Warner Bros. Discovery. Their all-cash offer was backed by three Middle Eastern sovereign wealth funds, escalating what was already a high-stakes corporate war.

But Netflix stayed the course — and today stands closest to victory.

What This Means for the Industry

If the deal closes, Netflix would hold unprecedented influence over what gets made, who gets funded and what audiences around the world watch. The power to shape Hollywood’s global culture would consolidate into a single platform.

Hollywood insiders call it “the biggest studio shift since the fall of MGM”
Economists call it “a potential monopoly”
Regulators call it “a red flag”
But for Netflix, it is the final step toward becoming the undisputed king of global entertainment.

For Warner Bros. Discovery, it would be the end of an era — and the beginning of a new one that could reshape film, television and streaming for the next decade.

The Power Game is in its final round. Hollywood is watching. The world is waiting.