Even though reports have said Netflix really isn’t in the mix and is driving up the price intentionally, Netflix is now reported to be ramping up its effort to acquire Warner Bros. Discovery, focusing on the studio and streaming side of the business.
According to the New York Post, Netflix’s CEO Ted Sarandos has launched a “charm offensive” with WBD’s board and U.S. regulators that may be narrowing the lead once held by Paramount Skydance in this bidding war.
Charm Offensive and Antitrust Strategy
Netflix’s team is reportedly arguing that a merger with WBD’s streaming arm falls into “category ambiguity”—the idea that streaming competes broadly with platforms like YouTube and social media, making traditional antitrust concerns less relevant.
According to the report, that argument appears to be resonating with some board members and DOJ staff, raising doubts about the inevitability of Paramount’s path to acquisition.
Paramount Skydance Still in the Lead, But Netflix’s Momentum Grows
While Paramount Skydance remains the frontrunner with its bid (previously reported near $25 per share, or roughly $60 billion) for the full company—including the studio, HBO Max, and cable assets like CNN—Netflix’s narrower focus (studio + streaming) is appealing to WBD as it moves toward its planned split.
Insiders for the outlet say the board sees a deal with Netflix as simpler and cleaner than a full‑company takeover.
Challenges for Netflix Remain
Despite the surge in momentum, Netflix still faces hurdles.
Its stock has dropped nearly 10 % after news of its WBD bid emerged, signaling investor wariness about the acquisition strategy.
Additionally, the antitrust argument, while gaining traction, is untested, especially with Trump reportedly backing Parmount Skydance.
The Post says that Paramount’s legal team continues to warn that combining two major streaming services with a legacy studio could still trigger serious regulatory scrutiny.
