Overview
- Multiple outlets report Warner Bros. Discovery selected Netflix for exclusive negotiations after a higher, largely cash offer of about $28 per share for the studio and streaming assets.
- Reports say Netflix proposed a $5 billion breakup fee if antitrust regulators ultimately block the transaction.
- Paramount, backed by David Ellison, remains the main rival but was outbid in the second round, and Comcast was also sidelined, with Ellison protesting the process in a letter that Warner rejected.
- The contemplated deal would exclude Warner’s linear TV networks, aligning with earlier plans to separate those channels, as Netflix is focused on production and streaming.
- Neither Warner Bros. Discovery nor Netflix has commented publicly, and any agreement would face significant competition scrutiny given Netflix’s market scale and Warner’s marquee intellectual property.