Overview
- Netflix has proposed buying Warner Bros. Discovery’s film and TV studios and HBO Max after a planned Discovery Global spin‑off, with reporting citing an enterprise value of about $82.7 billion.
- Paramount Skydance has put forward a competing all‑cash tender at $30 per share for Warner Bros. Discovery, creating a head‑to‑head contest for the assets.
- Benchmark reiterated a positive stance on Warner Bros. Discovery earlier in December and suggested the bid environment could lift a sum‑of‑the‑parts value above $30 per share.
- Regulatory and industry hurdles are in focus, with Hollywood guild objections reported and allegations that the DOJ could pursue a multiyear antitrust probe if Netflix prevails.
- Netflix’s Jan. 20 report on Q4 2025 results is a key catalyst, as investors seek management commentary on the proposed transaction after recent share volatility and several analyst downgrades.