Warner Bros. Discovery's board unanimously recommended shareholders accept Netflix's blockbuster takeover bid on December 17, 2025, paving the way for a seismic merger that could reshape global entertainment under one streaming colossus. The $120 billion all-stock offer valuing Warner at a 30% premium promises to fuse HBO Max's prestige IPs like "Game of Thrones" and DC Comics with Netflix's subscriber juggernaut of 300 million, addressing Warner's streaming woes amid box-office slumps and cord-cutting hemorrhages.
This pivotal endorsement follows months of Warner's strategic pivots, including Max rebranding, CNN-TBS synergies, and NBA rights losses, as CEO David Zaslav hails the union's "unmatched content fortress" blending Netflix's tech prowess with Warner's studios for AI-driven production and global dominance. Netflix, riding "Squid Game" and live sports surges, eyes Warner's $50 billion library to fortify against Disney+ and Amazon threats, projecting $5 billion synergies via overhead cuts and ad-tier expansions.
Shareholders face a February vote, with analysts forecasting regulatory nods despite antitrust flags over market share exceeding 40% in U.S. streaming. The deal signals consolidation's endgame, potentially birthing a $200 billion media titan challenging Big Tech while Hollywood braces for job churn and creative shifts in the post-peak TV era.