Netflixs $82B Deal Ends Larry Ellisons Warner Bros Bid

Netflix has secured a landmark deal to acquire Warner Bros. Discovery for $82.7 billion. The agreement was announced on December 5, 2025. It ends a fierce takeover battle against a rival bid from Paramount’s Skydance.

This move reshapes the global media landscape. It combines the world’s top streaming service with a legendary Hollywood studio. The deal now faces a critical phase of intense regulatory review.

The High-Stakes Bidding War That Netflix Won

Larry Ellison and his son David led the competing bid through Paramount Skydance. Their final offer was a $30-per-share, all-cash proposal. This topped Netflix‘s per-share price on paper.

However, the Warner Bros. board favored Netflix’s overall package. According to Reuters, the total enterprise value and strategic fit were decisive. The Netflix deal includes cash and stock, giving shareholders future upside.

The Ellisons made at least five separate offers. Their last-minute push ultimately failed to convince the board. The Oracle founder’s vast personal fortune was not enough to win.

Regulatory Hurdles Loom for Streaming Giant

The acquisition’s next challenge is government approval. Antitrust regulators in the U.S. and Europe will scrutinize the deal closely. President Trump has already called it a potential “problem.”

Netflix expressed high confidence in gaining necessary approvals. A substantial $5.8 billion breakup fee is in place if it fails. The process is expected to last into late 2026 or early 2027.

European Union officials signaled the deal may not be blocked there. However, they could impose strict conditions. The U.S. Department of Justice’s stance remains a significant unknown.

The Netflix Warner Bros. deal marks a tectonic shift in entertainment. Its completion hinges on navigating an unprecedented regulatory gauntlet. The outcome will define the industry for a generation.

Info at your fingertips

How much is Netflix paying for Warner Bros.?

The total enterprise value is $82.7 billion. Shareholders will get $23.25 in cash and $4.50 in Netflix stock for each share they own.

Why did Warner Bros. choose Netflix over Paramount?

The board valued the higher total deal value and strategic fit. Netflix’s mix of cash and stock offered potential future growth for shareholders.

What happens to HBO Max and Paramount+?

Netflix plans to integrate Warner Bros. content. The long-term fate of the HBO Max platform remains under evaluation post-acquisition.

Will the deal be blocked by regulators?

It faces serious scrutiny but is not guaranteed to be blocked. Netflix has factored in a lengthy review process and potential required concessions.

What was Larry Ellison’s role in the bidding?

Larry Ellison financed the rival bid through Skydance Media, which controls Paramount. He personally backed multiple aggressive offers to acquire Warner Bros.

How does this affect movie theaters?

Netflix has committed to continuing Warner Bros.’ theatrical releases. Theater chains are watching closely but anticipate a continued pipeline of major films.