New York Post·2025-11-25 22:36Core Viewpoint - Netflix is actively pursuing Warner Bros. Discovery (WBD) by engaging in lobbying efforts to alleviate antitrust concerns, positioning itself as a serious contender in the bidding process for WBD's streaming service and studio [1][2][9]. Group 1: Bidding Dynamics - The bidding war for WBD is intensifying, with a second round of bids expected soon, allowing participants to increase their offers or withdraw [3]. - Paramount Skydance has submitted a bid of approximately $25 per share, totaling around $60 billion for WBD, which includes the Warner Bros. studio and HBO Max streaming service [5]. - Comcast has also made a bid for WBD, while Netflix has emerged as a dark horse in the competition due to its historical reluctance towards large acquisitions and existing antitrust issues [6][10]. Group 2: Antitrust Considerations - Netflix's lobbying efforts led by CEO Ted Sarandos are reportedly diminishing Paramount Skydance's perceived advantage in the auction, particularly regarding antitrust concerns [2][7]. - Legal arguments presented by Netflix suggest that traditional antitrust laws may not apply to streaming services due to the abundance of content available on platforms like YouTube and social media [8][9]. - WBD's board is increasingly doubtful that Netflix will encounter significant antitrust challenges in its bid for HBO Max and its studio, countering arguments made by Paramount Skydance's legal team [9][12]. Group 3: Strategic Appeal - Netflix's interest in acquiring only the studio and streaming service aligns with WBD's strategy to maximize value by separating these assets from its traditional cable properties [17]. - The potential acquisition is seen as appealing to WBD's board, especially in light of the company's plans to split into two entities [17]. Group 4: Market Reactions - Netflix's stock has experienced a nearly 10% decline over the past month, reflecting investor concerns regarding its acquisition strategy [20][21].