The streaming wars just got a whole lot more interesting. According to a fresh Bloomberg report, Netflix didn’t just wake up one day and decide to drop $82 billion on Warner Bros. Discovery. Turns out, the company’s executives were playing a much bigger game of Monopoly behind the scenes, eyeing some of the entertainment industry’s heaviest hitters, including Disney and Electronic Arts.
Yeah, you read that right. Netflix considered buying the House of Mouse.
The deals that almost happened
Before Netflix shook hands on what became one of 2025’s biggest acquisitions, the streaming giant was reportedly debating bids for EA, 21st Century Fox, and even Disney itself. According to Bloomberg’s sources, Netflix executives couldn’t quite align on pulling the trigger for these massive deals. The main concern? They were worried about tanking their stock price by overpaying for companies that traded at much lower valuations than Netflix’s own market cap.
Here’s the kicker: Netflix is currently valued at around $407 billion, while Disney sits at roughly $189 billion. So technically, Netflix could have swallowed Disney whole if they really wanted to. But as we all know, having the money and actually spending it are two very different things, especially when shareholders are watching your every move.
Why EA made sense… Sort of
The EA consideration is particularly fascinating from a gaming perspective. Netflix has been tiptoeing into the gaming space for a while now, mostly with mobile titles and the occasional port like Red Dead Redemption. Acquiring EA would have instantly given them heavyweight franchises like FIFA (now EA Sports FC), Madden NFL, Battlefield, and The Sims. That’s a serious gaming portfolio.
But Netflix ultimately passed, and EA is now heading toward a $55 billion deal with Saudi Arabia’s Public Investment Fund, a move that’s already drawing scrutiny from U.S. senators concerned about foreign influence. EA has insisted they’ll maintain creative control, but time will tell how that plays out.
Warner Bros, the consolation prize that isn’t
So Netflix settled for Warner Bros. Discovery instead, and honestly? It might be the smarter play. With this acquisition, Netflix gains control over massive gaming IPs including Mortal Kombat, Batman: Arkham series, Hogwarts Legacy, and everything under the WB Games umbrella. These franchises align perfectly with Netflix’s existing strength in TV and film content.
The synergy makes sense. Netflix can now create interconnected experiences between their streaming content and gaming properties in ways that would’ve been messier with EA’s sports-focused catalog or Disney’s already complicated IP management.
Can Netflix actually pull this off?
Netflix’s gaming ambitions have been hit-or-miss so far. They shut down Team Blue in 2024—a studio with talent from Halo and God of War, which didn’t exactly inspire confidence. But the Warner Bros acquisition signals they’re not giving up on the space. They’re just repositioning.
The real question is whether Netflix can effectively manage AAA game development alongside their streaming empire. The company has historically excelled at content distribution, not necessarily game creation. But with Warner Bros’ established studios and franchises, maybe they won’t have to start from scratch.
The plot thickens
Neither the Warner Bros nor EA deals are done deals yet. Both need regulatory approval and face intense scrutiny. Plus, Paramount has reportedly launched a hostile takeover bid for Warner Bros, so this saga might have a few more twists before the credits roll.
One thing’s certain: the entertainment and gaming industries are colliding in ways we’ve never seen before. And Netflix is right in the middle of it all, reshaping what a “streaming company” can actually be.
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