Netflix has entered advanced discussions regarding the acquisition of Warner Bros. Discovery's studios and streaming arm. The company would highlight the benefits of a Netflix-HBO Max bundled offering, enabling price reductions for consumers, in order to anticipate antitrust concerns. According to sources close to the matter, Netflix has proposed a largely cash deal and intends to integrate HBO content and DC Comics franchises into its catalog, without significantly increasing its market share.

Warner Bros Discovery, which is considering a partial or full divestiture of its assets, is also drawing interest from Paramount Skydance and Comcast. These groups are also weighing the integration of HBO Max into their existing platforms (Paramount+ and Peacock) to more effectively compete with Netflix and Disney+. According to analyst Jessica Reif Ehrlich, a merger between HBO Max and Paramount+ could create a major offering in the US streaming market, while strengthening Peacock with HBO Max would enable NBCUniversal to regain competitiveness.

This potential rapprochement nonetheless raises political concerns. Pentagon criticisms of certain Netflix content and conservative lawmakers' worries about a dominant position could complicate the deal. If it goes through, the acquisition would enable Netflix to expand its catalog with a library rich in intellectual property-a strategic area to diversify revenues beyond streaming, notably toward derivative products and immersive experiences.