Netflix moves to acquire Warner Bros. Discovery, folding HBO Max into its streaming scale

Netflix moves to unite two Hollywood giants in a deal framed as a growth play

Netflix is executing a fully financed, definitive agreement to acquire Warner Bros., including its film and television studios as well as HBO Max and HBO, saying the transaction is the only board‑recommended deal available to Warner Bros. Discovery (WBD) shareholders. WBD is mailing a definitive proxy for a March 20 special meeting at which its board reaffirms support for the Netflix offer, while Netflix grants WBD a narrow seven‑day waiver to allow final talks with rival suitor Paramount Skydance. Netflix says the combination delivers “incredible value and certainty” and outlines a clear path to regulatory approval.

Both companies have submitted Hart‑Scott‑Rodino filings and are engaging competition authorities globally, including the U.S. Department of Justice, state attorneys general, the European Commission and the U.K. Competition and Markets Authority. The deal is explicitly contingent on WBD completing a planned spin‑off of its cable networks, and Netflix characterises the transaction as largely vertical and complementary — aimed at scaling production capacity, expanding theatrical and streaming distribution, and preserving U.S. jobs. Netflix also criticises a competing PSKY proposal for alleged financing risks, positioning its bid as the only fully financed alternative.

Industry observers say the proposed tie‑up would materially reshape streaming economics, content licensing and global distribution by folding HBO’s premium library and studio pipeline into Netflix’s global platform. The companies argue the scale benefits lower per‑subscriber content costs and boost theatrical and original output, but analysts caution on integration risks: combining large content slates, aligning theatrical windows, managing legacy licensing commitments and surviving intense antitrust scrutiny remain open challenges. The deal’s fate hinges on regulator responses and the WBD shareholder vote in March.

Chef’s Table brand expands into hospitality with Wynn

Netflix’s culinary series brand Chef’s Table is moving into a multi‑year partnership with Wynn Resorts to create “Wynn Revelry by Chef’s Table,” a fall slate of immersive dining events, original programming and chef‑driven experiences designed to extend the show’s documentary reach into live hospitality and generate new revenue streams.

Live competition strategy surfaces in Star Search promotions

Netflix is also ramping promotion for its revived live competition series Star Search, with judge Sarah Michelle Gellar undertaking press appearances as the five‑week, real‑time voting format seeks to drive appointment viewing and social engagement — part of Netflix’s broader push into live and interactive programming.