Netflix has placed a major bid to acquire media conglomerate Warner Bros. Discovery. The streaming giant submitted a “mostly cash” offer as part of a critical second round of bidding.
Bloomberg first reported the development, noting that companies submitted their enhanced offers on Monday, December 1. This move could potentially finalise a deal within the coming weeks.
Bankers for Netflix, Comcast, and Paramount Skydance worked through the Thanksgiving holiday weekend. They crafted improved bids for either the entirety of Warner Bros. Discovery or its major components.
Sources describe the new offers as binding. This status means the Warner Bros. Discovery board can move swiftly to accept a proposal that meets its financial and strategic objectives. Netflix’s substantial bid reportedly has the support of a bridge loan worth tens of billions of dollars. This financing highlights the company’s aggressive strategy to acquire Warner’s coveted film and television studio assets, including the HBO Max streaming service.
Netflix’s new bid to buy Warner Bros is a mostly cash offer.
The company is arranging a mega-loan to be able to buy WB
(Source: https://t.co/3cIFwKL5gA) pic.twitter.com/gGI6DX4MPv
— DiscussingFilm (@DiscussingFilm) December 1, 2025Analysts see Netflix and Comcast as the most serious contenders. Their interest coincides with Warner Bros. Discovery’s planned separation from its cable networks division next year. Meanwhile, Paramount Skydance has reportedly tabled an all-cash offer of its own. The bid is backed by Apollo Global Management and several Middle Eastern sovereign wealth funds.
Read: Netflix Explores Bid for Warner Bros. Discovery Studio and Streaming Assets
The intensified bidding reflects the immense value attached to Warner Bros. Discovery’s asset portfolio. Buyers are primarily seeking control of its iconic intellectual property library.
This library includes globally recognised franchises such as Harry Potter, DC Comics (Batman, Superman), and the prestige television content from HBO. The auction signals a consolidating phase in the ongoing “streaming wars.”
Industry sources suggest the auction could conclude within a matter of days. However, they also acknowledge the complex process may extend negotiations for several more weeks before a final agreement is reached.
