How Netflix won Hollywood’s biggest prize, Warner Bros Discovery, beating Paramount, Comcast in massive $72 billion deal
What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters. An aerial view of the Warner Bros. logo displayed on the water tower at Warner Bros. Studio on December 5, 2025 in Burbank, California. Mario Tama/Getty Images/AFP (Photo by MARIO TAMA / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)(Getty Images via AFP) Netflix buys Warner Bros Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery’s TV, film studios and streaming division for $72 billion. Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance. Details of Netflix’s plan and the Warner Bros board’s deliberations, based on interviews with seven advisers and executives, …




