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The Inside Story of How Netflix Won the Warner Bros. Auction

Ted Sarandos wooed Trump personally ahead of Warner deal

Warner Bros. Studios in Burbank, California.
Photographer: Ethan Swope/Bloomberg

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By Lucas Shaw

December 7, 2025 at 11:00 PM UTC

Good afternoon from Los Angeles, and congrats to those of you who got any sleep this past week. In the days since we broke the news that Netflix was buying Warner Bros., two questions have surfaced again and again.

Will this deal get approved? And is this good or bad for Hollywood?