Netflix Leads Bid for Warner Bros Discovery Studios in Potentially Industry-Shaping Deal. Netflix is in exclusive negotiations to acquire Warner Bros Discovery's film and TV studios, along with its streaming operations — in a deal valued at $28 per share, according to a source speaking to Reuters. The proposed takeover would merge Netflix with HBO Max, potentially lowering subscription costs for consumers through bundled services. Reports say Netflix has become the frontrunner, even offering a $5 billion breakup fee if regulators block the merger. CNBC adds that Netflix's proposal includes 85% cash, and an agreement could be announced within days. The news has rattled Hollywood. A group of major industry figures is urging Congress to intervene if the deal goes through, warning of economic and structural risks for the entertainment sector. Meanwhile, Warner Bros Discovery is still collecting final bids from potential buyers, following complaints from Paramount Skydance that the sale process unfairly favors Netflix.