Too Much TV: 7 Questions To Keep In Mind About A Netflix Bid For Warner Bros. Discovery

Here's everything you need to know about the world of television for Friday, October 31st, 2025:

HOW IMPORTANT IS THIS NEWS? HONESTLY, NO ONE KNOWS
Netflix announced late Thursday that it has retained financial advisory firm Moelis & Co to explore a potential bid for Warner Bros. Discovery. The choice of this particular advisory firm is noteworthy, because it was the same firm that advised Skydance Media on its Paramount Global bid.

Warner Bros. Discovery has opened its books to several potential bidders, including Netflix and the next step will involve parsing those numbers to determine a viable price point for a bid. 

We literally know nothing else about the move, other than Netflix is only interested in the studio and HBO Max. Everything is speculation, and there are a lot of unanswered questions.

1) What happens to HBO?
While Netflix reportedly isn't interested in WBD's linear business, HBO is an important component of the viability of HBO Max. Does Netflix take HBO as part of the deal and figure out how to manage a premium linear channel? Or does it simply tie up HBO streaming rights for an extended period as part of the deal?

2) What happens with the Warner Brothers theatrical business?
The assumption from most industry analysts is that it is a zero-sum game. That Netflix either continues the theatrical business as a separate entity from Netflix's core streaming-only business or it rolls everything at Warner Brothers into a straight-to-streaming model.

I think this options are informed by a misunderstanding of Netflix's strategy towards the theatrical business. Despite what many people in the industry believe, Netflix doesn't have a steadfast opposition to giving movies a theatrical release. But it believes that when it comes to its original movies, there is more value in having a streaming-only release, rather than getting access to the films after a theatrical release.

But owning Warner Brothers would provide Netflix with several things it needs right now. Continuing to give most major Warner Brothers films a theatrical release gives Netflix a solid footing in the theatrical business, which includes a thriving distribution and production arm. That provides Netflix both with the opportunity to give its streaming-only titles a more robust limited theatrical run as well as more leverage with theaters. 

I do suspect that while Netflix would likely continue to release Warner Brothers films theatrically, it will take advantage of WB IP to also produce Netflix-only titles. More often than not, familiar reboots that wouldn't justify a theatrical release but would have a great deal of familiarity (and hence, value) with its streaming audience.

3) What happens to the Warner Brothers television production business?
My hunch is not much. It's doing well overall and is deeply integrated in the television universe. There are certainly plenty of executives both inside WB as well as recently laid off executives, who could manage that business. Those shows help keep the Warner Studio lot viable and might help provide some much-needed expertise on the TV comedy side for Netflix's streaming business. So it would make sense for Netflix to also include the Warner Brothers Television Group as part of its bid. 

The logistical challenge of Netflix acquiring the WB TV Group is that the division includes a lot of things Netflix likely doesn't want. A small percentage ownership in The CW, a free TV partnership with Gray Media and Lionsgate, Hanna Barbara and Cartoon Network Studios Europe, as well as some smaller production companies. All of those could be subsequently sold off by Netflix, but it is a slight wrinkle in the deal.

4) Would the Trump Administration approve a Netflix acquisition of parts of Warner Bros. Discovery?
Sources on the Paramount Skydance side have been telling reporters for weeks that their company is much more likely to receive approval for a deal than any other rival bid. And while that is likely true when you consider the possibility of a successful bid from Comcast, Netflix likely has a better chance than David Ellison might like. Netflix executives have spent the past year quietly sucking up to Donald Trump, visiting Mar-A-Lago and carefully not making any moves that might irritate the president. And Netflix is the home for a number of rightwing comedians, which is also a great cultural selling point for the streamer. It might require a bit of finesse, but I don't think approval of a Netflix bid is as unlikely as it is being portrayed in the press.

And in a side note, it's probably not a coincidence that Netflix is currently seeking approval for a new 14,000 square foot office and entertainment space in Washington D.C., just blocks away from the White House.

5) What other parts of the Warner Bros. Discovery business might be of interest to Netflix?
Does it have any interest in all or part of the Warner Bros. Discovery Global Experiences division? Given Netflix's recent move into experential events, this would be the streamer's opportunity to acquire an established Theme Park and studio tour business part of the division. And both of those components only have value as part of Warner Brothers Studios.

It's much less likely Netflix would be interested in the other part of Global Experiences division - Global Consumer Products. That part of the division includes primarily gaming production and distribution assets and that seems off market right now for Netflix. Unless it is looking for an easy way to expand its line of branded consumer products and mobile games.

Netflix also likely won't be interested in the Warner Brothers Discovery publications, which includes a grab bag of titles ranging from Mad Magazine to DC graphic novels.

6) What's left after Netflix acquires the parts of WBD it wants?
Netflix's best bet for making a deal is by offering an aggressive enough amount for the studio part that the WBD board feels it has no other option than to take the deal, in order to get the most money for investors.

And there is a lot left over that would be of great value to one or more other companies or hedge funds. Domestically, there are the WBD linear channels, along with their live sports rights. TNT, TBS, TruTV, TCM, CNN as well as the various channels that came from the old Discovery Communications side of the business - Food, HGTV, Discovery, Travel, etc. It also runs co-ventures with NCAA.com, NBA.com, PGA.com, Bleacher Report and owns 25% of MLB.com. Add to that the Discovery+ streamer and various assorted random assets such as a equity piece of the entertainment streamer Philo TV and you have a reasonable start to a business arm that is still making money.

But then there are the international TV assets and that is the part of the business that is often overlooked in these discussions. WBD has a MASSIVE live sports business overseas, including TNT Sports and Eurosport, which is a collection of pay TV channels that air across Europe and Asia. 

There are also linear TV channels in just about every possible territory, many of them still doing quite well despite the slump in the linear TV business.

A big question would be whether Netflix would want the global HBO Max business, which would require a great deal of untangling from existing co-distribution and content deals. Netflix might just decide to stay away from the global streaming part of WBD's assets, which is likely the least distracting move.

7) Does current WBD CEO David Zaslav get a fancy new title in Netflix's studio acquisition?
In a just world, rewarding an executive who managed to ruin two perfectly good media companies and who will reportedly receive up to a half billion dollars if the company is sold just seems wrong. But Zaslav reportedly wants some sort of ceremonial role no matter who acquires the company, so people will still invite him to Hollywood parties. Staying on Zaslav's best side while trying to get an acquisition done is likely the best strategic move. But man, does it feel ethically wrong.

ODDS AND SODS
* ABC, ESPN and other Disney networks have gone dark on YouTube TV due to a carriage dispute. If Disney programming remains off YouTube TV “for an extended period of time,” YouTube said, subscribers will be offered a $20 credit toward their bills. The dispute is apparently less about money and more about YouTube's desire to have the ability to directly ingest content from various Disney apps directly into YouTube. Or at the very least, having Disney agree to offer free ad-supported versions of Hulu and Disney+ to YouTube Live TV subscribers.

* As a side note, I am already seeing some really bad reporting about this story, as reporters manage to conflate the 12.6% percentage of YouTube viewing listed in Nielsen's "The Gauge" as having some connection to YouTube Live TV viewership. Not only are YouTube and YouTube Live TV two different things, "The Gauge" specifically excludes YouTube Live TV from its viewing numbers.

* Hulu has ordered a pilot for a new drama project titled Southern Bastards, based on Jason Aaron and Jason Latour’s graphic novel series of the same name.

* FX has renewed Adults for a second season.

* Hulu has renewed King Of The Hill with a two-season, twenty-episode order.

WHAT'S COMING TODAY AND THIS WEEKEND

FRIDAY, OCTOBER 31ST:
* Bad Influencer Series Premiere (Netflix)
* Breathless [Respira] Season Two Premiere (Netflix)
* Dime tu nombre Series Premiere (Prime Video)
* Murder At The Motel (A&E)
* Murder On Trial Series Premiere (A&E)
* Rhythm + Flow France Season Premiere (Netflix)
* The State Of BBQ: A Texas Monthly Special (PBS)
* Tremembé Series Premiere (Prime Video)

SATURDAY, NOVEMBER 1ST:
* Christmas Of Giving (Great American Family)
* Christmas On Duty (Hallmark)
* Terry McMillan Presents: His, Hers & Ours (Lifetime)

SUNDAY, NOVEMBER 2ND:
* A Newport Christmas (Hallmark)
* Harry Potter: Wizards Of Baking Season Premiere (Food)
* In The Eye Of The Storm Season Premiere (Discovery)
* I Love LA Series Premiere (HBO)
* Robin Hood Series Premiere (MGM+)
* The Great Christmas Snow-In (Hallmark)
* World's Sweetest Candy Shops (Food)

SEE YOU EARLY SUNDAY MORNING!