Netflix enters exclusive negotiations after winning bid for Warner Bros. Discovery

Netflix leads with the winning bid as exclusive talks begin

Netflix has entered exclusive negotiations with Warner Bros. Discovery after submitting the highest offer in the competitive bidding process, placing the streamer in the leading position to acquire key assets of the company.

Sources say Netflix’s $28-per-share bid, along with a reported $5 billion breakup fee, secured its status as the top bidder and earned it a one-on-one negotiation window with WBD.

Warner Bros. Discovery opened itself to bids in October after receiving multiple proposals from Paramount, aiming to reach a decision by mid-to-late December.

The process accelerated quickly, drawing interest from several major players. Netflix’s offer ultimately outpaced rivals and effectively “won” the bidding round, giving it the exclusive opportunity to move the deal toward completion.

The talks currently focus on Netflix acquiring Warner Bros. Studios and the HBO Max streaming platform.

Paramount had bid for the entire company and argued to WBD’s board that it offered the simplest path to regulatory approval, while also expressing concerns that the process favored Netflix.

It maintained that competing offers from both Netflix and Comcast would face significant regulatory hurdles.

Although Netflix has emerged as the top bidder and now holds exclusive negotiation rights, no final agreement has been announced.

The outcome of these talks will shape the next chapter for both companies and could significantly influence the broader entertainment and streaming landscape.