Overview
- Warner Bros. Discovery’s board has approved a plan to sell its studio and HBO/HBO Max assets to Netflix for roughly $72 billion, contingent on spinning off the company’s cable networks into a separate public entity.
- Paramount Skydance launched a hostile all‑cash tender at $30 per share for the entire company, a higher headline price that WBD says it is reviewing even as it keeps recommending the Netflix asset sale.
- Antitrust scrutiny is intensifying, with analysts citing an estimated 35% combined share of subscription streaming viewing hours for Netflix plus HBO Max, a level that could trigger presumptive concerns under DOJ frameworks.
- Disney CEO Bob Iger urged regulators to examine potential pricing leverage and theatrical impacts, while Netflix’s Ted Sarandos said Warner Bros. films would continue to be released in theaters as they are today.
- Financing and politics add complexity, with reports of about $59 billion in debt backing Netflix’s bid, Paramount supported by Ellison family capital and Middle Eastern funds, and President Trump’s public involvement raising concerns over a politicized review.