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Netflix’s Warner Bros Discovery bid is an antitrust drama without a villain

Expect lawyers to home in on the definition of ‘relevant market’ that best suits their argument

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    • In a rational world, what matters is whether consumers risk being worse off if Netflix boosts its market share.
    • In a rational world, what matters is whether consumers risk being worse off if Netflix boosts its market share. PHOTO: AFP

    John Foley

    Published Wed, Dec 10, 2025 · 06:29 PM

    SUPERMARKETS, bank branches, best-selling books, barrels of oil – these are just a few of the markets that have vexed competition lawyers and judges over the decades.

    The battle for US media empire Warner Bros Discovery (WBD) will pose a whole new set of questions – with no easy answers – about the way households parcel out their TV spending and their brain space.

    Netflix’s US$72 million bid for WBD was trumped on Monday (Dec 8) by a rival cash offer from Paramount Skydance.

    NetflixM&AParamountantitrust

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