On Dec. 5, 2025, Netflix announced an $82.7 billion deal to buy Warner Bros. Discovery’s studios and streaming assets, signaling major industry consolidation and triggering antitrust scrutiny. The proposal depends on Warner Bros. Discovery splitting in two, keeping 12 cable networks under Discovery Global while transferring studios, HBO Max, and streaming to Netflix. Terms include $23.25 cash plus $4.50 in Netflix stock per share, with the U.S. Department of Justice’s Antitrust Division and the European Commission reviewing. Paramount’s Skydance made a $30 offer. Donald Trump flagged concerns on Dec. 8. Labor groups oppose. Combined subscribers are cited at 43%. Closing is targeted by March 4, 2027.