What major streaming service announced a deal to acquire Warner Brothers, including HBO and HBO Max, in December 2025?

In December 2025, major streaming service Netflix announced a significant deal to acquire Warner Brothers, including its prestigious HBO and HBO Max streaming services. This blockbuster agreement, valued at approximately $82.7 billion in enterprise value, was set to reshape the entertainment landscape by combining Netflix's global streaming dominance with Warner Bros.' century-long legacy of iconic franchises and world-class storytelling. The proposed acquisition aimed to integrate beloved content such as "The Big Bang Theory," "The Sopranos," "Game of Thrones (Review)," "Harry Potter," and the DC Universe into Netflix's extensive portfolio, which already included hits like "Wednesday" and "Stranger Things".

The deal, announced on December 5, 2025, came after Warner Bros. Discovery (WBD) had put itself up for sale in October 2025, leading to a competitive bidding war that also involved companies like Paramount and Comcast. Netflix's winning bid for WBD's studio and streaming assets would have seen the company maintain theatrical releases for Warner Bros. films, marking a notable shift for Netflix's historical focus on at-home streaming. The transaction was also expected to generate substantial cost savings for Netflix, estimated at $2-3 billion annually by the third year.

However, the path to this monumental merger was not straightforward. While Netflix initially secured the deal, Paramount Skydance launched a rival all-cash tender offer in December 2025 and continued to revise its proposal in the following months. Ultimately, in February 2026, WBD's board determined that Paramount's revised $110.9 billion offer constituted a superior proposal. Netflix subsequently declined to match the increased bid and withdrew from the acquisition, allowing Paramount Skydance to proceed as the winning bidder for Warner Bros. Discovery. This shift meant that while Netflix did announce a deal in December 2025, the acquisition ultimately did not materialize for the streaming giant.