Netflix WINS War For Warner Bros. Discovery

After months of debate, speculation, twists, and turns, the Warner Bros. Discovery auction has a winner. WBD extended the deadline for a second round of non-binding bids for its assets to December 1 after a previous round on November 20. Netflix made an enticing, almost all-cash bid then. Finally, Netflix won the Warner Bros. Discovery bidding war.

Bloomberg broke the story, which The Hollywood Reporter and Variety confirmed. The streaming service is in exclusive talks to buy Warner Bros. Discovery's film and TV studio and HBO Max. According to Bloomberg, the companies may finalize a transaction soon. The site also reported that Warner Bros. Discovery will split from TNT, TBS, and CNN before concluding the Netflix deal.

Discovery Global will own such brands. The spinoff should finish mid-2026. The transaction is still ongoing. Talks could still fail. Even after a deal, corporations must undergo regulatory processes. Netflix has promised a $5 billion breakup fee if authorities reject the agreement.