Multiple Hollywood and TV insiders are reporting that Netflix is in pole position to take over Warner Bros. Discovery and has entered into an exclusive negotiation period after offering $30 a share price for the takeover.

The bid is only for the Warner Bros. studio, the HBO Max streaming service, and all the intellectual property including DC Universe and others such as Friends, Harry Potter, etc.

The deal does not involve any of WBD’s cable networks.

WBD is AEW’s media partner in the United States, with AEW programming and pay-per-views airing on HBO Max as well as the majority of the video library. Netflix is WWE’s media partner worldwide and has rights to Raw in the United States.

What would happen to that partnership remains to be seen but the deal is expected to face several regulatory hurdles in the United States and probably European Union too.

Paramount, which was bidding for the company as a whole, has already cried foul and alleged irregularities from Netflix’s side in negotiations.

Paramount is also a TKO partner and will have rights to the UFC from January 2026.