Old School. Biblically Independent.
By Dustin Rowles | TV | December 5, 2025
In a move likely to upend the entire entertainment industry, Netflix has beaten out Paramount/Skydance and Comcast in a bid to take over Warner Bros. Discovery/HBO Max. Suffice it to say, this is a huge deal.
Of course, it’s not over. But Netflix made the biggest offer, $28 a share, and even included a $5 billion break-up fee should the deal fall through. The deal ends a brief period of bidding in which Paramount/Skydance made several aggressive counteroffers and sent a letter yesterday complaining that the process was unfair and tilted toward Netflix from the beginning.
According to Oliver Darcy over on Status, the well between Paramount’s David Ellison and Warner Bros.’ David Zaslav may have been poisoned last summer because of a deal over South Park. Paramount and WBD reportedly had a handshake agreement to share rights to South Park for ten years. Then Ellison got aggressive, cut the ten-year deal to five, and tried to get WBD to pick up the extra costs associated with the deal with Trey Parker and Matt Stone, and the whole thing fell apart. It left bad blood between the two CEOs that was exacerbated later over a deal for rights to Friends on Nick at Nite.
So we may ultimately get to thank South Park for saving us from Bari Weiss taking over CNN. Not that Netflix winning the auction is great news, either. Netflix is already the dominant streamer in the market, and the deal would give the company something it has not had: a huge library of IP and theatrical distribution.
But notwithstanding Netflix’s CEO’s assurances, it also endangers the theatrical business of WBD. Netflix insists it will honor the theatrical commitments of WB — which owns DC Studios, New Line, and the Warner Bros. distribution apparatus — but we also know how Netflix really feels about theatrical releases.
For what it’s worth, CNN, TNT Sports, and Discovery networks are not likely to be included in the deal. Where those go is anyone’s guess.
WBD will continue negotiating exclusively with Netflix, but there are still roadblocks, namely the Administration, which favored a deal with Ellison, who has a good relationship with the President. There are antitrust concerns with the Netflix merger (although there would be with Paramount, too, but the Administration would be more likely to look the other way).
What this will ultimately mean for the future of DC Studios and James Gunn, and for HBO Max and its president, Casey Bloys, is uncertain. We’ll find out in the months — and probably years — to come.
