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Warner Bros. Begins Exclusive Deal Talks With Netflix

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December 5, 2025

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Warner Bros. Discovery Inc. has entered exclusive negotiations to sell its film and TV studios and HBO Max streaming service to Netflix Inc.

Netflix is offering a $5 billion breakup fee if regulators don’t approve the deal, and the two companies could announce a deal as soon as in the coming days.

A deal would bring seismic change to the entertainment industry, joining the world’s dominant paid streaming service with one of Hollywood’s oldest and most revered studios.

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Warner Bros. Begins Exclusive Deal Talks With Netflix · Bloomberg News · Sentinel