Netflix has made a cash offer to buy Warner Bros Discovery, joining other bidders in a sale that could reshape the US media landscape.
WASHINGTON: Streaming giant Netflix has reportedly made a mostly cash offer to acquire Warner Bros Discovery.
According to Bloomberg, the move could remake the US media landscape as the debt-laden Hollywood studio presses on with a sale.
Netflix has joined Paramount Skydance and Comcast in a second round of the auction.
Warner Bros Discovery officially put itself up for sale in October after receiving multiple unsolicited offers.
The parent company of HBO, CNN and Warner Bros film studio set aside a planned split into two separate entities.
Warner Bros Discovery was originally targeted by Paramount, recently acquired by the billionaire tech family of Oracle founder Larry Ellison.
Paramount CEO David Ellison had made three consecutive offers for the entertainment group before the official sale process began.
Netflix is working on a bridge loan totaling tens of billions of dollars to finance the potential acquisition, sources told Bloomberg.
The deal would bulk up Netflix’s already considerable content production capabilities.
It would also secure premium assets like HBO and Warner Bros studios.
The acquisition would likely face close scrutiny by antitrust authorities in the United States and other major markets.
Top Hollywood players have voiced a preference for Warner Bros not to end up in the hands of Netflix.
They cite concerns that Netflix largely seeks to limit theatrical releases of its film productions.
“Titanic” director James Cameron recently said a Netflix takeover would be “a disaster.”
Requests for comment to Netflix and Warner Bros Discovery were not answered at time of publication.
