Overview
- Netflix announced a proposed purchase of Warner Bros. Discovery’s studio and streaming assets valued at $72 billion in cash and stock, or $82.7 billion enterprise value.
- Paramount Skydance launched a hostile all‑cash $30‑per‑share tender for all of Warner Bros. Discovery, a bid described at about $108 billion.
- The proposed Netflix deal would include Warner Bros. Studios, HBO and HBO Max, DC and Harry Potter, with the cable networks to be spun off into a separate company.
- Warner executives outlined $2 billion to $3 billion in potential cost savings, while analysts note optionality in theatrical releases, merchandising, live events and licensing if the deal closes.
- Netflix shares fell more than 6% after the announcement and are down roughly 22% over three months, as scrutiny builds from U.S. and European regulators and President Donald Trump signals involvement.