Netflix Emerges as Leading Bidder for Warner Bros. Discovery

Netflix ($NFLX) has emerged as the leading bidder for key assets of Warner Bros. Discovery ($WBD), according to CNBC, as the company evaluates second-round offers ahead of a planned sale decision in mid-to-late December. Competing bids from Paramount Skydance ($PSKY) and Comcast ($CMCSA) remain under review.

• Warner Bros. Discovery is considering multiple offers after previously announcing plans to separate its cable networks from its studio and streaming operations.
• Netflix has submitted a cash-heavy bid focused solely on WBD’s studio and streaming assets, aligning with its stated lack of interest in owning legacy cable networks.
• Netflix could gain access to major franchises including DC, Harry Potter, Lord of the Rings and Game of Thrones.
• Paramount and Comcast have also submitted bids, with Comcast's offer allowing WBD to spin off cable networks before closing.
• Netflix has spent more than $2 million on federal lobbying so far in 2025, a record pace for the company and nearly double last year's total, according to the companies public lobbying disclosures
• Netflix’s 2025 lobbying reports cite issues in communications, media regulation, and international taxation. These are all policy areas closely tied to large-scale content acquisitions and distribution rights.

Relevant Companies

• Netflix ($NFLX): Potential acquirer of WBD studio and streaming assets, expanding its content library.
• Warner Bros. Discovery ($WBD): Target of multiple bids as it evaluates strategic options.
• Comcast ($CMCSA): Bidder seeking WBD’s studio IP to bolster its Peacock streaming platform.

Editor’s Note: This is a developing story. This article may be updated as more details become available.