The fight for the future of Warner Bros. just got messier

Consider This from NPR

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🗓️ 8 December 2025

⏱️ 10 minutes

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Summary

There's a growing fight in Hollywood over some of the biggest characters on screen, like Tony Soprano, Daenerys Targaryen and Harry Potter. All feature in shows and films owned by Warner Brothers Discovery, and now two companies are fighting to get a piece of the action.

First, on Friday, Netflix struck an $83 billion deal to acquire Warner Brothers Studios and HBO. Then, just days later, Paramount upped the ante with a higher bid of $108 billion for Warner Brothers Discovery – which includes not just the movie studios and HBO, but also WBD’s cable channels, like CNN.

As corporate giants vie to take over Warner Brothers, we ask: What are the stakes for Hollywood and the news business?

Editor’s note: Warner Bros. Discovery is a financial supporter of NPR.

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This episode was produced by Jordan-Marie Smith, Mia Venkat and Karen Zamora. It was edited by Pallavi Gogoi and Christopher Intagliata. Our executive producer is Sami Yenigun.

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Transcript

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0:00.0	There's a growing fight in Hollywood over some of the biggest characters on screen, like a New Jersey mob boss.
0:08.3	I try to do the right thing by you. You're trying to be what? Or a cynical nightclub owner.
0:13.4	Of all the gin joints and all the towns and all the world, she walks into mine.
0:19.5	Even a certain group of wizards in training
0:22.4	It was standing on a trap door
0:24.2	Which means it wasn't there by accident
0:25.9	It's guarding something
0:27.7	Guarning something
0:28.8	That's right
0:29.9	Now if you two don't mind I'm going to bed
0:33.2	Before either of you come up with another clever idea to get us killed
0:36.4	Or worse, expelled.
0:39.1	That's Harry Potter and Casablanca and The Sopranos, all shows and films owned by Warner Brothers Discovery.
0:47.5	Now, two companies are fighting to get a piece of the action.
0:51.5	First, on Friday, Netflix struck an $83 billion deal to acquire Warner Bros. Studios and HBO.
0:59.7	Then, just days later, Paramount, up to the ante with a higher bid, $108 billion for Warner Brothers Discovery,
1:09.0	which includes not just the studios and HBO, but also Warner's cable channels like CNN.
1:15.6	Consider this. As corporate giants vie to take over Warner Brothers, what are these takes for Hollywood and the news business?
1:23.3	Music. From NPR, I'm Mary Louise Kelly.
1:37.6	This message comes from Wise, the app for using money around the globe.
1:41.9	When you manage your money with Wise, you'll always get the mid-market exchange rate with no hidden fees.
1:48.0	Join millions of customers and visit Wise.com.
	...

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