BREAKING: Warner Bros. Confirms it Has Accepted Offer from Netflix in Internal Memo — Discovery Global Split Still Happening

In a stunning early-morning development, Warner Bros. Discovery employees received a company-wide letter from CEO David Zaslav confirming what the entertainment world has only speculated about: the Board of Directors has officially approved a transaction in which Warner Bros. will be acquired by Netflix.

This goes far beyond the previously reported “exclusive negotiations” period. Per Zaslav’s own words, the deal is now a formal agreement pending regulatory clearance — and it comes alongside confirmation that the previously announced Warner Bros Discovery split is moving forward.

WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events

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The internal email, sent to every employee, begins with the sentence that will ripple across Hollywood today. Zaslav writes that the WBD board has approved “a transaction under which Warner Bros. will be acquired by Netflix, subject to regulatory approvals and closing conditions, including the completion of the separation of Discovery Global from WBD.”

That one paragraph upends every assumption the industry has held for weeks. Not only has Netflix secured Warner Bros., but the company’s restructuring is now explicitly locked into the deal. Zaslav confirms that Discovery Global will become a standalone company, writing that the “Global Networks business will form a new standalone company, Discovery Global, with Gunnar Wiedenfels to serve as CEO once the new company separates from WBD, now expected to be completed in Q3 2026.”

Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8

— Netflix (@netflix) December 5, 2025

This means two enormous corporate shifts are happening simultaneously.

The entertainment landscape will never look the same.

A Deal Bigger Than Anyone Expected

Zaslav’s letter openly acknowledges the shockwaves this will create, admitting the change “reflects the realities of an industry undergoing generational change” and that the new structure “provides the strongest long-term foundation for both sets of businesses.”

He also concedes the announcement raises uncertainty within the ranks.

The Logo for Netflix – Netflix

“This announcement creates many questions about what’s next,” he said. “A transaction of this nature naturally creates uncertainty, and not all answers will be available immediately.”

But perhaps the most significant shift is operational. Zaslav states that WBD will now establish a joint “Integration Office” with Netflix as they begin the early planning stages of the transition — something that does not happen during a mere negotiation period. It only happens after a deal has been formally accepted.

Until regulators sign off, WBD and Netflix “remain separate companies,” but the machinery for the merger is already in motion. Employees are being instructed not to coordinate directly with Netflix counterparts unless routed through official channels.

The Warner Bros–Netflix Era Has Begun

Zaslav spelled out exactly what happens next.

“We will redirect work tied to the earlier, planned two-company operating model and focus instead on the steps required to enable this transaction,” he said.

That sentence alone confirms that the corporate blueprint has now been rewritten around the Netflix acquisition.

Warner Bros Discovery Logo

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He continued: “What we can say now, based on the direction set out today, is that this structure provides a clearer path forward for Warner Bros. within Netflix, and for Discovery Global as a standalone company.”

The message is unmistakable. The combination of Warner Bros. and Netflix is not hypothetical. It is not in discussion. It is not an unfinalized possibility.

It is the accepted direction of the company pending regulatory approval.

And the separation of Discovery Global — something many analysts doubted would ever materialize — is officially part of the closing conditions.

Employees Brace for a Transformation

Zaslav acknowledges the human impact of the moment, stating: “I know moments like this carry weight… and they can also mark the beginning of new possibilities.”

WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events

He emphasized a commitment to communication through the transition.

“Our aim is simple: handle decisions with care, communicate clearly about what we know, and make sure people have the information and support they need at each step.”

WBD will hold a global town hall later today to begin addressing questions.

Why This Changes Everything

The letter confirms two monumental developments:

1. The Netflix Warner Bros acquisition is a done deal at the board level.

Pending only regulatory approval — a massive hurdle, but one both sides clearly believe they can navigate — Netflix is now positioned to become the new owner of one of Hollywood’s oldest studios.

2. Warner Bros. Discovery as we know it is ending.

The company will split into:

• Warner Bros., joining Netflix, and

• Discovery Global, a newly independent corporation.

This is not just a merger or an acquisition. This is a full-scale corporate transformation.

The former site of the Warner Bros. Discovery DEI page – https://www.wbd.com/diversity-equity-inclusion

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The entertainment industry is now in uncharted territory — and every studio, streamer, and competitor will be recalibrating their strategy within hours.

The Massive Regulatory Wall Ahead

While David Zaslav’s letter frames the Netflix–Warner Bros agreement as the new direction of the company, the path from “approved by the board” to “legally finalized” is anything but guaranteed. In fact, the biggest obstacle now is Washington. Multiple reports from inside the U.S. government indicate that federal antitrust officials are preparing to formally oppose the deal.

President Donald Trump speaks at CPAC in 2017 – YouTube, The New York Times

Regulators at both the Federal Trade Commission and the Department of Justice have spent the last year ramping up scrutiny of large media and technology mergers. Combining the world’s largest streaming platform with one of Hollywood’s biggest legacy studios is already being described by insiders as the type of consolidation that triggers immediate red flags. And because Netflix holds commanding market power in the subscription-streaming sector, any attempt to absorb Warner Bros. would face intense pressure from lawmakers and regulators alike.

The situation becomes even more complicated when factoring in the broader breakup of Warner Bros. Discovery. Regulators will be examining not just who gains power, but who loses competition — especially in content licensing, theatrical distribution, and streaming dominance. With Warner Bros. supplying decades of intellectual property, global distribution networks, and major franchises, the argument that Netflix could come out of this with disproportionate control is already taking shape.

Put simply: This deal may be approved at the board level, but Washington appears to have every intention of fighting it.

Netflix Co-CEO Greg Peters in an interview with Bloomberg – YouTube, Bloomberg Live

Even if the transaction ultimately succeeds, every sign suggests it will be challenged, slowed, and dissected at every stage. Whether Netflix and Warner Bros. can survive that kind of regulatory gauntlet is now the defining question hanging over Hollywood.

Do you think Netflix and Warner Bros. will ultimately merge: Sound off in the comments and let us know!

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