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Potential regulators of both Netflix–WBD and Paramount–WBD transactions
In late 2025, Warner Bros. Discovery (WBD) put itself in play, drawing bids from Netflix, Paramount Skydance, and Comcast in a rare open bidding war over a century-old Hollywood studio. On December 5, 2025, WBD's board took Netflix's $72 billion cash-and-stock offer for its studios and streaming arm (HBO, DC, and Warner Bros. film and TV operations), excluding CNN and the cable networks.
Updated 6 days ago
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