Netflix Reportedly Considered Buying Disney and Fox Before Pursuing Warner Bros.
Netflix’s historic acquisition of Warner Bros. Discovery may not have been the company’s only blockbuster ambition. According to a new report, the global streaming giant explored massive takeover targets—including Disney, Fox, and even video game powerhouse Electronic Arts—before ultimately setting its sights on Warner Bros.
Netflix Attempted to Buy Disney and Fox Amid Warner Bros. Deal
In one of the most dramatic shake-ups Hollywood has seen in decades, Netflix recently announced an $82.7 billion agreement to acquire Warner Bros. Discovery’s film studios and HBO Max. But as reported by Bloomberg, this wasn’t their first plan.
Before pursuing Warner Bros., Netflix leadership considered acquiring Disney and Fox—two of the most iconic studios in entertainment history. Internal disagreements and concerns over excessive pricing reportedly pushed executives to abandon those ambitions.
Electronic Arts (EA) was also briefly on the table, but the idea was scrapped for similar reasons.
Inside the Meetings That Paved the Way
The turning point came in mid-November when Netflix co-CEO Ted Sarandos met with President Donald Trump at the White House. The discussion lasted more than an hour and centered on the upcoming Warner Bros. Discovery auction.
While Trump emphasized a highest-bidder approach, Sarandos argued that Netflix wasn’t a monopoly—pointing to recent subscriber losses—and made the case for why the company should acquire the storied studio.
Netflix Outbids Paramount with an $82.7 Billion Deal
On December 5, Netflix outmaneuvered rival bidder Paramount Skydance Corp., securing the Warner Bros. Discovery acquisition with an offer valued at $82.7 billion including debt.
Sarandos described the deal as a once-in-a-generation opportunity, saying the merger would “accelerate business for decades.” Combining Netflix’s global reach with Warner Bros.’ legendary film and television catalog could instantly reshape the platform’s content slate for more than 300 million subscribers.
Regulatory Battles and Industry Pushback Ahead
The bidding war may be over, but the drama around the deal is far from settled.
Paramount is reportedly preparing a hostile $108.4 billion counterbid while lobbying against the Netflix acquisition in Washington. Meanwhile, Warner Bros. still needs to spin off several underperforming cable networks to finalize the agreement.
Regulators could also be a roadblock. The Justice Department under President Trump may intervene due to antitrust concerns—especially after Trump publicly warned that the merger “could be a problem” because of Netflix’s market share.
Hollywood’s Biggest ‘What If?’
Had internal disagreements not stopped Netflix from pursuing Disney or Fox, Hollywood might have faced an unprecedented consolidation of the world’s largest entertainment brands under a single streaming titan.
Instead, Netflix chose Warner Bros.—already making history with one of the largest entertainment acquisitions ever.
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