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content:[DealBook](/section/business/dealbook)|Why the Battle for Warner Bros. Discovery May Not Be Over Yet
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The fierce bidding war for Warner Bros. Discovery has taken a decisive turn.Credit...Mike Blake/Reuters
### In today's newsletter:
* [Netflix + Warner Bros.?](#link-4d3e54f5)
* [Who gets to oversee crypto?](#link-4fae401)
* [The S.E.C. is still willing to play top cop](#link-68a13a7c)
* [Talking A.I. with the C.E.O. of KPMG](#link-59728302)
**Andrew here.** Breaking: Netflix is acquiring Warner Bros. Discovery. The deal is hardly done, with a lengthy regulatory battle likely. The transaction is largely going to hinge on how regulators in the U.S. and elsewhere define the company’s market. If it’s narrowly defined as subscription streaming, the deal could be blocked. But if it’s defined in larger terms — like eyeballs on video, which would include YouTube and others — the combined company doesn’t look like such a Goliath. And then there is the Trump factor. More below.
Also, at the DealBook Summit this week, we assembled four groups of thought leaders we call Task Forces for deep, insightful conversations led by Times journalists. The first two are ready to watch on YouTube: Michael Barbaro, co-host of “The Daily,” moderated [a spirited debate about the future of journalism](http://youtube.com/watch?v=kz-y3ygz2dI&feature=youtu.be). And Nicholas Kristof, a Times Opinion columnist, steered a timely conversation about [the new global order](https://youtu.be/7SISGLuKM88).
Netflix + Warner Bros.?
-----------------------
Warner Bros., the century-old studio that is home to Harry Potter, Batman and many other lucrative franchises, has chosen a prospective new owner after being traded around for decades.
[It’s Netflix](https://www.nytimes.com/2025/12/05/business/warner-brothers-discovery-netflix.html)[.](https://www.prnewswire.com/news-releases/netflix-to-acquire-warner-bros-following-the-separation-of-discovery-global-for-a-total-enterprise-value-of-82-7-billion-equity-value-of-72-0-billion-302633995.html)
The streaming giant’s victory in one of Hollywood’s fiercest bidding wars in years could reshape the media industry — and it raises questions about whether Netflix’s rivals, particularly Paramount, can find a way to stop the deal.
**The latest:** Netflix agreed to buy Warner Bros. Discovery’s movie and television business and the HBO Max streaming service, the companies announced on Friday. [The transaction](https://www.prnewswire.com/news-releases/netflix-to-acquire-warner-bros-following-the-separation-of-discovery-global-for-a-total-enterprise-value-of-82-7-billion-equity-value-of-72-0-billion-302633995.html) — consisting of $23.25 in cash and $4.50 worth of Netflix stock per Warner Bros. Discovery share — values Warner Bros. Discovery as a whole at $72 billion, well above the company’s $60 billion market capitalization at the end of trading on Thursday.
The sale is expected to close after Warner Bros. Discovery completes a spinoff of its cable channels, including CNN and Food Network, into a separate company, Discovery Global.
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article_id:4586 →
content_type:article
title:Why the Battle for Warner Bros. Discovery May Not Be Over Yet
source:The New York Times