CEO, Cinema United (theater owners’ trade group)
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Leading organized opposition from movie theaters
On December 5, 2025, Netflix and Warner Bros. Discovery (WBD) announced a definitive deal for Netflix to acquire Warner Bros.' film and television studios plus its premium and streaming businesses, including HBO and HBO Max, in a transaction valued at roughly $72 billion in equity and $82.7 billion including debt. On January 20, 2026, the parties amended the agreement to an all-cash structure at the same $27.75 per share price, accelerating the timeline for a shareholder vote now expected by April 2026. The deal follows WBD's June 2025 decision to split into two public companies—Warner Bros. (studios and streaming) and Discovery Global (cable networks)—and caps a months-long auction in which Netflix outbid Paramount Skydance and Comcast. In the weeks following the announcement, Netflix co-CEO Ted Sarandos met personally with President Donald Trump at the White House, while rival Paramount Skydance launched a $108 billion hostile tender offer that WBD's board has repeatedly rejected.
Updated Jan 24
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