An Earthquake in Hollywood
December 5, 2025, will be etched in entertainment history as the day Netflix announced its $72 billion acquisition of Warner Bros. Discovery, a move that merges two giants of streaming and traditional cinema. This transaction, which includes Warner's legendary studios, HBO, HBO Max, and iconic franchises like DC Comics and Harry Potter, not only represents the largest deal in the streaming era but also unleashes a storm of controversy surrounding monopolies, the future of the industry, and the survival of emblematic brands.
It all began in October when Warner Bros. Discovery (WBD), born from the 2022 merger between WarnerMedia and Discovery, went up for sale. Burdened with debt and underperforming, the company, led by David Zaslav, sought a lifeline. Netflix, Paramount Skydance, and Comcast entered a fierce bidding war. Paramount, with an offer of $27 per share, positioned itself as the most aggressive, but the process quickly took a turn for the worse. On December 4, Paramount sent a letter accusing WBD of manipulating the negotiations to favor Netflix, alleging the lack of an independent committee on the board of directors. "The process is unfair and biased," they claimed, fueling suspicions of hidden favoritism.
The controversy intensified with political intervention. Sources close to the U.S. Department of Justice revealed that President Donald Trump was lobbying in favor of Paramount, whose CEO, David Ellison, is the son of a close ally. Analysts at Deadline Hollywood warned that the Trump administration could block the deal through antitrust investigations, arguing that it would combine Netflix's 8% market share with HBO Max's 1.3% in the U.S., creating a behemoth that would stifle competition. Senator Mike Lee tweeted: "This should alert antitrust authorities worldwide." In Europe and Latin America, regulators like the European Commission are already preparing reviews, fearing impacts on local markets.
Beyond the legal battles—which could delay the closing by 12 to 18 months—the acquisition raises creative dilemmas. Will HBO survive as an independent entity? Series like The Sopranos and Game of Thrones defined premium TV, but Ted Sarandos, co-CEO of Netflix, has prioritized streaming over theaters. Although Netflix promises to honor Warner's theatrical releases—Warner Bros. topped the box office in 2025 with The Conjuring 4—experts like those at Variety foresee a "radical shift": the end of the hybrid model and the absorption of DC Comics into an ecosystem dominated by Disney's Marvel.
WBD, for its part, will divest non-core assets like CNN, TNT, and Discovery Channel, selling them to third parties to reduce debt. Zaslav celebrated the deal as a "union of global storytellers," but critics see it as Hollywood's capitulation to Big Tech. This merger accelerates the consolidation of streaming, where Netflix already reigns, but at the expense of diversity: does less competition mean less innovation?
In short, the Warner acquisition is not just a business deal; it's an earthquake that redefines entertainment. While regulators deliberate, Hollywood holds its breath. If approved, Netflix could dominate 10% of the global market; if not, it could further fragment an industry in crisis. The verdict will determine whether the future belongs to monopolies or creative resistance.
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