Netflix has officially reached an agreement to acquire key assets of Warner Bros. Discovery (WBD) — including the Warner Bros. studio and the HBO Max streaming platform — in a transaction valued at approximately $72–83 billion. The deal was announced in early December 2025 and is expected to be finalized by the end of 2026 following regulatory reviews and asset restructuring.
Throughout the battle for WBD’s assets, both Netflix and its competitor Paramount Skydance waged an intensive lobbying campaign in Washington. Netflix’s leadership, including co-CEO Ted Sarandos, held meetings with the U.S. president and key lawmakers, emphasizing the economic benefits of the deal and seeking to ease antitrust concerns. The company significantly increased its lobbying expenditures in 2025 and hired experienced Washington lobbyists to shape a favorable political environment.
Paramount Skydance, which issued a hostile counteroffer worth roughly $108 billion, also mobilized a powerful network of legal and lobbying firms with deep ties in the federal government. The team included former senior officials from the U.S. Department of Justice and influential political strategists who worked to persuade regulators and lawmakers of the advantages of their competing proposal.
At the center of this struggle were lobbying firms that worked simultaneously for both sides, along with allies closely connected to the president’s administration.
Despite the intense competition and political pressure, Netflix’s acquisition of the Warner Bros. studio and HBO Max became one of the largest deals in modern media history. The company now moves toward integrating the legendary Hollywood studio into its global platform, as regulators prepare for detailed antitrust reviews and industry stakeholders continue to voice concerns about excessive media concentration.
