Netflix Just Made Its Move | WBD Accepts Their Bid… But Calm Down, It’s Not Over Yet
And, here we are.
Something the industry has whispered about for months… sometimes loudly, sometimes with a straight up panic. But, it has finally crossed the line from rumor into reality.
Warner Bros. Discovery has officially accepted Netflix’s bid which will see Netflix acquire Warner Bros., including its film and television studios.
The deal, according to Deadline is total enterprise value of $82.7B!
This is huge. Historic. Industry defining. But it’s also just the beginning of a very long, very complicated process.
I am going to do my best here to break down what’s really going to be happening and of course what isn’t happening. Because emotions online are running hotter than Krypton’s core and you are probably going to see many claims that paint a specific narrative driven idea that just isn’t very accurate.
What we know so far is that According to Deadline, Netflix is set to acquire WBD for a total enterprise value of $82.7 billion.
This breaks down like so.
$27.75 a share
Total equity value: $72 billion
Netflix acquires Warner Bros. (film/TV), HBO, HBO Max, and major production assets
The deal follows the spin out of Discovery Global into a separate public company, expected in Q3 2026
Both Netflix and WBD boards voted unanimously to move forward
Netflix says they plan to maintain Warner Bros.’ operations, continue theatrical releases, and use the acquisition to expand their U.S. production footprint.
David Zaslav, for now, is praising the merger like he’s announcing a new ride at Six Flags, and Netflix is treating it like the crowning step in their mission to “entertain the world.”
But let’s hold on before we assume we know where this is headed.
This part is crucial.
Right now, nothing is set in stone regarding, things like…
Who stays
Who goes
Who runs what
Which divisions survive the transition
What happens to DC Studios
How content strategy shifts
Whether HBO maintains its identity
Where Zaslav lands in all of this
All of that will be decided after the official deal is finalized .
And to be honest, most likely not fully resolved until regulators across the U.S. and the entire international landscape weigh in.
Anyone claiming “THIS MEANS THE SNYDERVERSE IS COMING BACK!!!” <<< That’s the big narrative push right now.
…yeah, let’s pump the brakes.
Some fans immediately jumped into celebration mode (We see you Geeks).
Look, passion is passion. But emotions cannot replace facts.
A Netflix purchase does not automatically equal a path for Zack Snyder to return. In fact, it’s quite the opposite at the moment.
Netflix, by every credible report, was not thrilled with the performance of Snyder’s last three projects
Army of the Dead
Rebel Moon
Twilight of the Gods
Reception and numbers did not meet expectations, and multiple outlets have reported that Snyder and Netflix have quietly parted ways creatively. If Netflix wasn't satisfied with those results, why would they immediately reinvest hundreds of millions into reviving a cinematic universe that another Studio saw no promise in?
There’s no evidence in any direction suggesting Netflix is planning to jump into a SnyderVerse revival. None. At least not at this time. So it’s okay to hope, but don’t treat hope like confirmation and don’t run around like you did something. Netflix didn’t move to purchase WBD for you and Zack’s two movies.
Here is where things start to get tricky for the overall deal. Even if Netflix and WBD sign the official paperwork tomorrow, the deal doesn’t magically go into effect. It will have to pass through…
U.S. antitrust review
DOJ scrutiny
FTC involvement
International regulators across Europe, Asia, and Latin America
Political oversight (which this deal will become a political football)
Keep in mind that Netflix is the dominant streamer globally. Adding HBO, WB Pictures, and WBD’s library is exactly the kind of move regulators love to investigate aggressively.
Some examples that bring some clarity to this sort of acquisition and merger.
Disney/Fox took 2 years before final approval
AT&T buying Time Warner was 20 months plus as well as a major lawsuit
Microsoft/Activision dragged out nearly 2 years globally
Discovery/WarnerMedia was 11+ months
This deal? Well, it really appears to be bigger than all of them. So no one should expect a clean, quick path to approval.
However, There still could be another wrench thrown in here. Just because Netflix is in the lead doesn’t mean Netflix crosses the finish line.
You remember what happened before Disney bought Fox, right? Comcast jumped in last minute and nearly stole the entire thing.
These mega deals tend to attract sharks. Especially when suitors smell instability.
Could Paramount, Apple, Amazon, or even a sovereign wealth fund try to swoop in with a sweeter offer? Absolutely.
And WBD has a fiduciary duty to listen. So while Netflix is most likely the final outcome… Nothing is guaranteed.
But let’s talk about what happens with the business side of things. Until signatures dry, regulators approve, and global agencies give the green light.
WBD runs as WBD
Zaslav stays CEO
Business decisions continue normally
DC Studios still operates as planned
Zaslav must act as if WBD will remain independent. Because if this deal collapses at any point, which again is possible, WBD needs to be in fighting shape.
Finally, from a fan side of things it means…
Massive industry change is starting
But we have years before we know the true impact
Creative futures for HBO, DC, Warner Bros., and WBTV remain unclear
No one should assume wholesale leadership changes yet
A SnyderVerse revival is not indicated by anything factual
Netflix’s acquisition will face fierce regulatory and political fights
A surprise bidder could still rewrite the entire story
The only sure thing today? The game board just shifted. but the game is far from over.
I will be giving my full thoughts on this on my LIVE Stream #TheWatchtower on 12/5/2025. If you haven’t yet read my thoughts on Netflix buying WBD that I wrote about weeks ago, you can read that HERE.
