Netflix has agreed to buy Warner Bros. Discovery’s film, TV studios, and streaming assets, including HBO Max, for $72 billion. This is a huge merger in Hollywood streaming. This deal, which was announced in early December 2025, will combine Netflix’s platform with Warner’s famous franchises like Harry Potter, Batman, and Game of Thrones. This could change the way content is distributed.
On December 8, Paramount Skydance made a $108.4 billion all-cash hostile takeover bid for all of Warner Bros. Discovery, including cable assets that Netflix’s offer did not include. The Warner Bros. board plans to look over the higher Paramount offer, but they still recommend the Netflix deal because of their fiduciary duties and the fact that they expect their competitors to have trouble with regulations. Ted Sarandos, co-CEO of Netflix, said the bid was not serious and that the company would be able to close the deal in 12 to 18 months, even with antitrust scrutiny.
The bidding war makes theaters nervous because they worry that there will be fewer movie releases as Netflix takes over and streaming becomes more popular. President Trump’s comments make it possible that there will be regulatory investigations, which adds to the uncertainty.
In Canada, the result could affect services like Bell Media’s Crave, which has multi-year HBO deals. This could lead to renegotiations of contracts or more investment in local content. Dave Stern, an entertainment lawyer, says that changes to streaming access may take time because they need to be approved. However, Warner’s move to a new content library could help Canadian production.
