Netflix's Ted Sarandos wants Warner Bros.—here's what's up
Netflix co-CEO Ted Sarandos is making big moves to buy Warner Bros. Discovery, including HBO and HBO Max, in a deal announced December 5, 2025.
With an equity value of $72 billion (and a total enterprise value of $82.7 billion), this could make Netflix even more of a powerhouse in entertainment.
Studio visits and promises for movie lovers
Sarandos recently toured the iconic Warner Bros. studio lot.
He promised in a speech in Paris to keep releasing movies in theaters—a statement that's got some mixed reactions from Hollywood.
Still, he and co-CEO Greg Peters wrote, "We see this as a win for the entertainment industry, not the end of it."
What happens next?
Warner Bros. Discovery's board is urging shareholders to say yes to Netflix and has turned down a rival bid from Paramount Skydance Corporation (PSKY).
The deal still needs regulatory approval and won't be final until late 2026.
Sarandos: The hits (and some drama)
Since joining Netflix in 2000, Sarandos has helped launch hits like Stranger Things, Bridgerton, House of Cards, and Orange Is the New Black.
He's also faced criticism—like over pricey deals with Chris Rock or Dave Chappelle—but his track record keeps Netflix at the center of pop culture conversations.