Netflix in talks to acquire Warner Bros. Discovery: Report

Entertainment Dec 05, 2025

Netflix might be about to make its biggest move yet—it's in exclusive talks to buy Warner Bros. Discovery's film and TV studios, including HBO Max.
Sources say Netflix has put a $5 billion breakup fee on the table to help clear any legal hurdles, and if things keep moving smoothly, an official announcement could drop soon.

What this means for streaming (and why it matters)

Before any deal happens, Warner Bros. plans to spin off cable channels like CNN, TBS, and TNT.
If the sale goes through, it would combine Netflix's massive streaming reach with Warner Bros.' legendary Hollywood content—a game-changer for what you'll find on your screen.
All this comes as Warner Bros. has just merged HBO Max with Discovery+ into one app called Max, hoping to stay competitive and cut costs.