Netflix makes major cash-heavy bid as competition intensifies for Warner Bros. Discovery

Netflix has reportedly submitted an 85% cash offer to acquire Warner Bros. Discovery, joining a heated bidding race involving Comcast and Paramount Skydance as global media giants compete for prized studio and streaming assets amid industry-wide transformation.

Netflix has reportedly put forward a largely cash-backed proposal to acquire Warner Bros. Discovery (WBD), signalling its strongest move yet in the intensifying contest for one of Hollywood’s most valuable entertainment portfolios. The offer is believed to comprise roughly 85% cash and the remainder in stock, positioning Netflix among the leading contenders as WBD evaluates improved bids from multiple suitors.

The race to acquire WBD gathered momentum after the company invited revised proposals from Paramount, Skydance, Comcast, and Netflix. Unlike Paramount’s full-portfolio interests, both Comcast and Netflix are said to be targeting WBD’s film and television studios along with its flagship streaming service, HBO Max, while showing no interest in the company’s cable properties such as CNN and TNT Sports.

Market response to the developments remained mixed. Netflix’s shares dipped slightly in early Thursday trading, even as retail investor sentiment on social platforms shifted sharply into bullish territory. Meanwhile, speculation continues around a potential refreshed bid from Comcast’s leadership that could value WBD’s studio and streaming assets at up to $28 per share.

Paramount flags concerns over sale process

Paramount Skydance, which is preparing a separate bid estimated at around $71 billion with backing from major Middle Eastern investors, has reportedly questioned the fairness and transparency of WBD’s ongoing sale process. The company has urged WBD’s board to ensure the sale is overseen by an independent committee free from conflicts of interest.

Warner Bros. Discovery, still navigating turbulence since its 2022 merger, recently revealed plans to separate its operations into two independent businesses next year—one dedicated to studios and streaming, and the other to its cable networks. The potential $60 billion deal unfolds as the media landscape continues to shift, with traditional TV consumption declining and streaming platforms commanding greater audience attention. Netflix shares have risen more than 15% so far this year.