Netflix sends letter to its 301 million subscribers amid Warner Bros acquisition bid — ‘Nothing is changing today’

Netflix has sent all its subscribers a letter, assuring them that nothing is immediately changing following its massive $82.7 billion acquisition bid for Warner Bros.

This comes amid reports of a likely hostile takeover of Warner Bros by Paramount Skydance Corp, just days after the company agreed to a deal with Netflix Inc.

The OTT giant sent an email to all its 301.6 million global subscribers, as of August 2025, titled: “Welcoming Warner Bros. to Netflix”

Netflix shared with its subscribers that it will acquire Warner Bros. Discovery (WBD), including its film and television studios, HBO Max and HBO. “This unites our leading entertainment service with Warner Bros.’ iconic stories,” it wrote in the email.

The streaming platform, however, informed its subscribers that, for now, nothing is changing. “Nothing is changing today. Both streaming services will continue to operate separately,” it said, while also acknowledging that the deal still has a few more steps before closing.

“You’ll hear from us when we have more to share,” Netflix said. “…continue to enjoy watching… on your current membership plan.”

The FAQ section on Netflix's Help Center also reinforced the message, saying that the current membership plans remain unchanged and Warner Bros. content won't immediately migrate to Netflix's platform.

Read full Netflix letter here:

Hi (subscriber name)

We've recently announced that Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. This unites our leading entertainment service with Warner Bros.’ iconic stories, bringing some of the world’s most beloved franchises like Harry Potter, Friends, The Big Bang Theory, Casablanca, Game of Thrones and the DC Universe together with Stranger Things, Wednesday, Squid Game, Bridgerton and KPop Demon Hunters.

What’s changing?

Nothing is changing today. Both streaming services will continue to operate separately. We have more steps to complete before the deal is closed, including regulatory and shareholder approvals. You’ll hear from us when we have more to share. In the meantime, we hope you’ll continue to enjoy watching as much as you want, whenever you want – all on your current membership plan.

We know you might have questions. Check out our Help Centre for more information or contact us at any time.

Thank you for choosing Netflix. We’re committed to bringing you more great series, films, games and live programming.

The Netflix team

Warner Bros acquisition war

Paramount placed a challenging bid of $108.4 billion, including debt, looking to potentially acquire Warner Bros. Discovery through an all-cash deal at $30 a share.

The bid compares with Netflix’s offer of $27.75 in cash and stock, for an enterprise value of about $82.7 billion, including debt.

Paramount’s offer is for all of Warner Bros., while Netflix is interested only in the Hollywood studios, HBO and the streaming business.

What happens if Warner Bros breaks the current agreement with Netflix?

If Warner Bros. breaks its current agreement, it will be required to pay Netflix a $2.8 billion fee, an expense typically borne by the new acquirer. Netflix has agreed to pay $5.8 billion to Warner Bros. if the deal falls through on its end or doesn’t win regulatory approval.

According to a Bloomberg report, citing a person familiar with Warner Bros, the company will take an offer of about $33 a share to get the company to reconsider the Netflix sale.