Matt Levine, Columnist

A Bidding War for Warner Bros.

Also the SEC shutdown, the CFPB pause and the DAT collapse.

December 8, 2025 at 6:22 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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On Friday, after a fairly public auction process, the board of directors of Warner Bros. Discovery Inc. agreed to sell the company to Netflix Inc. In the deal, Warner shareholders would get three things:

So let’s say the total value is between $23.25 + $4.50 + $2 = $29.75 and $23.25 + $4.50 + $5 = $32.75.