The deal, reported by Reuters, would give Netflix control of Warner Bros.’ film studios and HBO’s streaming platform, significantly expanding its content portfolio. The acquisition will proceed after Warner Bros. Discovery spins off its cable and television operations into a separate, publicly listed company, a restructuring strategy announced in June. That new entity will retain ownership of the Polish broadcaster TVN, which Netflix is not buying. Industry analysts say the move underscores Netflix’s push to secure premium content amid fierce competition from Disney+, Amazon Prime Video and Apple TV+. “This is about scale and survival,” one analyst told Reuters. “Owning Warner Bros. and HBO positions Netflix as a dominant global player.” Regulatory approval remains a critical hurdle. If the deal is blocked, WBD could consider other offers. Paramount Skydance, which has already made three bids this year, is seen as a leading alternative suitor and could acquire the entire company, including TVN. Neither Netflix nor WBD has commented publicly on the timeline for closing. The transaction comes as streaming platforms face slowing subscriber growth and rising production costs, prompting consolidation across the sector. For Netflix, the acquisition could redefine its role in the global streaming wars.