Netflix might be eyeing Warner Bros. Discovery. After Paramount–Skydance sealed their merger in August, the smart money said David Ellison would be next to make a play for WBD, lock, stock and cable networks.
But a fresh whisper suggests Netflix could enter the race—and the sight of Ted Sarandos sat ringside with David Zaslav at the Crawford–Álvarez fight in Las Vegas has only stoked the chatter.
As per Collider, this wouldn’t be a copy-and-paste of the Paramount–Skydance deal. Where Ellison is thought to want the whole shop—studio, streamers, channels and assorted bolt-ons—Netflix is reportedly more interested in the studio and streaming businesses, not the linear networks.
Given WBD’s sizeable debt and the likelihood of carving off cable assets, any transaction would be slow, complex and lawyer-heavy. That lag creates a window: if Ellison pauses or the numbers don’t add up, a streaming-first bidder could tempt Zaslav with something cleaner.
If it happens, it’s a watershed. Folding a century-old Hollywood studio into a platform built on direct-to-home would redraw the lines on windowing, licensing and awards strategy.
Netflix has thrived by getting shows like Wednesday and Stranger Things—and big ticket films such as the Knives Out sequels—straight into living rooms. It’s also copped flak for limited theatrical runs.
With WBD’s vast library and active pipeline, the question becomes: double down on streaming scale, or lean further into cinemas where franchises and filmmakers expect a proper bow?
Irony alert: WBD is hardly limping. The studio has roared back at the box office this year—originals like Sinners and Weapons, family fare such as A Minecraft Movie, and a rejuvenated Superman among the wins—racking up a historic streak of six consecutive $40m+ openings.
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Ahead, there’s Paul Thomas Anderson’s One Battle After Another, more DCU entries starting next year with Supergirl, and prestige plays including Emerald Fennell’s Wuthering Heights. In other words, any buyer is paying for momentum, not just memories.
Where does that leave things? Ellison remains the front-runner, backed by deep pockets (and deeper family wealth). NBCUniversal is said to be running the maths, even if a bid feels unlikely.
If Netflix does firm up, it would upend the board and test regulators’ appetite for a streaming giant owning a legacy studio. For now, expect a long courtship and plenty of brinkmanship. Zaslav’s price won’t be small—and the winning pitch will have to look, frankly, like a Godfather offer.
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