Netflix has expressed interest in acquiring Warner Bros., as Warner Bros. Discovery, the parent company of CNN, HBO, and Discovery, evaluates offers from multiple media giants, including Paramount and Apple. The company announced plans to split into two entities—one focused on network television and another on streaming and studios—prompting a strategic review to "unlock the full value of our assets," CEO David Zaslav said in a statement on Tuesday.
Netflix co-CEO Ted Sarandos highlighted Warner Bros.' film and TV library and production lots as attractive assets, though the streaming giant has no interest in acquiring CNN.
The news network saw a 42% drop in viewership in Q3 2025 compared to Q3 2024, per Ad Week, and laid off 6% of its workforce in January while investing $70 million in digital strategies. CNN’s planned streaming service follows the failure of CNN+, which shuttered in 2022.Warner Bros. Discovery, formed in a 2022 merger to compete with Netflix, has struggled, with Max’s 150 million subscribers dwarfed by Netflix’s 300 million, according to Media Play News.
 |
| David Zaslav |
Paramount submitted a formal bid for the entire company in September, per the Wall Street Journal, and is reportedly preparing a second offer after an initial rejection. Apple’s Eddy Cue downplayed acquisition interest, stating the company prefers building over buying.
The Warner Bros. board plans to explore options in 2026, including a full sale, splitting the company, or separate deals for its Warner Bros. and Discovery units. The outcome remains uncertain for struggling assets like CNN as the company navigates its next steps.