Light up the Bat-Signal, jump on your broomsticks, and get ready to take the Hobbits to Isengard because Netflix could be about to land one of the biggest acquisition deals of all time. Just years after Disney stumped up a whopping $71 billion to engulf 21st Century Fox in 2019, a much bigger handshake could be on the table.
There's no escaping the gravitational pull of Netflix, and having revolutionized the streaming world as it helped put Blockbuster out of business and evolved from its DVD in the post business model, it's now poised to sit on the Iron Throne of intellectual properties.
Microsoft's Activision Blizzard King acquisition broke records for the video game industry with a jaw-dropping $75.4 billion price tag, but could Netflix be about to blow this out of the water with its own media takeover?
Netflix circles Warner Bros. Discovery deal for up to $75 billion
After initially downplaying the idea that it could be interested in buying Warner Bros. Discovery, Netflix is apparently circling the IP powerhouse and is ready to sign on the dotted line. WBD confirmed it was up for sale in October 2025, and just four years after Discovery Inc. merged with Warner Bros. and AT&T, the world's biggest companies are only getting bigger as they become conglomerates. Netflix's Ted Sarandos had repeatedly dodged questions about a WBD acquisition, but according to Bloomberg, it’s galloping forward.
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Said to be competing with both Paramount Skydance and Comcast, Netflix's tantalizing offer includes a $5 billion breakup fee if the deal fails to get regulatory approval.
While Warner Bros. Discovery shares are currently valued at around $24 for a market value of about $60bn, Netflix is apparently offering between $28 and $30 a share. This suggests the bid could be between $70bn and $75bn.
With campaigns for Netflix to #RestoretheSnyderverse from the ashes of Zack Snyder's attempt at bringing the Justice League to life on the silver screen, there's plenty of potential here.
Even if we never get to see Henry Cavill wear Superman's tights again, the fact that the acquisition would bring James Gunn's new DCU under the Netflix umbrella is a coup all on its own.
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Importantly, just days after we were devastated by the news that Friends is leaving Netflix thanks to HBO Max, there's a sense of irony that the former might soon own the latter.
What are the biggest IPs that Netflix could be about to own?
Alongside the big three of DC properties, the Wizarding World, and some things J.R.R. Tolkien. It's important to note that Amazon owns the TV rights to The Hobbit, The Lord of the Rings, and the Appendices, which is how we got The Rings of Power.
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Notably, WBD's ownership of HBO Max means some of the best shows around could soon be under the Netflix umbrella. Here's everything Netflix would own:
- DC Extended Universe
- The Wizarding World (Harry Potter)
- The Lord of the Rings (with caveats)
- The LEGO movies
- HBO Max (The Sopranos, White Lotus, The Last of Us)
- The Monsterverse (Godzilla and Kong)
- The Conjuring Universe
- Looney Tunes
- Hanna-Barbera (including Scooby-DOo)
- Cartoon Network
- Dune
- The Wizard of Oz
- It
- Game of Thrones
- Blade Runner
- The Matrix
- Final Destination
- The Evil Dead
- Friday the 13th
- A Nightmare on Elm Street
- Warner Bros. Games
- Discovery Channel
- Food Network
...and more
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We need to remember that nothing is set in stone just yet, although the deal being official would see Netflix eclipse Disney's bulging catalog and become the single most powerful IP holder in all of Tinsel Town.
Well, we were always going to need something to replace Stranger Things.