Overview
- Netflix submitted the highest bid for WBD’s studio and streaming businesses, which include HBO and a vast film and TV library, according to Bloomberg and the Wall Street Journal.
- Paramount made a slightly lower offer but pledged a $5 billion breakup fee payable if regulators approve a deal that later fails to close, signaling confidence in its regulatory case.
- Comcast is viewed as losing momentum in the process, though people close to the company insist it remains in contention and argue its regulatory path would be simpler.
- Antitrust experts warn a Netflix–WBD combination could face steep scrutiny because it would combine two major U.S. streaming platforms under one owner.
- Hollywood pushback has intensified, with figures such as James Cameron arguing a sale to Netflix would diminish long-term industry value, while sources say Netflix has signaled support for wide theatrical releases of Warner films.