Mystery $25B bid for Warner Bros. Discovery: Netflix wins out
Turns out, Warner Bros. Discovery (WBD) had a previously undisclosed $25 billion offer on the table this fall from an unnamed US media company—let's call them Company C.
They wanted to grab WBD's global networks and 20% of its streaming and studios (think HBO Max).
But WBD didn't bite, calling the proposal "not actionable" and kept talking to other big names.
Netflix steps in, seals the deal
After Company C's bid was dismissed, Netflix emerged as the top contender among the remaining bidders.
By early December 2025, Netflix was offering about $27.75 per share—valuing WBD's studios and streaming at roughly $72 billion in equity (and even more with debt).
The whole process was detailed in a recent SEC filing that also revealed there were actually four bidders shaping this high-stakes auction before Netflix clinched it.
Why should you care?
It's not every day you see secret billion-dollar bids flying around for your favorite streaming services.
This deal shows just how wild—and competitive—the media world is getting as companies fight for your screen time.