Intent data trends: A bidding war for Warner Bros.
Bombora Intent data can be used predictively in powerful ways, including revealing trending topics that are of critical importance across the B2B ecosystem. Because we continually track businesses’ interactions with over 20,100 B2B topics, we can see trends develop in real time and uncover research spikes as they are happening – no other Intent data provides this universal view of B2B research.
Using Intent data to predict merger and acquisition activity
On December 5, 2025, Netflix announced that it had emerged as the leading bidder for Warner Bros. Discovery’s studio and streaming assets, entering exclusive negotiations in a deal valued at approximately $82.7 billion*.
Shortly after, Paramount responded with a competing offer*, escalating what media outlets described as a bidding war between two of the largest players in streaming*.
With multiple public reports of negotiations unfolding in early December, we analyzed Company Surge® Intent data to determine whether acquisition-related research behavior among Netflix, Paramount, and Warner Bros. Discovery showed signs of intensifying before the news broke.
From August 1 through February 20, acquisition-focused topics displayed clear directional patterns across the three companies.
Acquisition-related topics
The Intent topics we measured reflect topics relating to brand acquisitions:
- Brand Acquisition
- Acquisition Strategy
- Mergers & Acquisitions
- M&A Due Diligence
Rather than appearing suddenly in December, acquisition-related topics such as Brand Acquisition and Acquisition Strategy began spiking at the company level for both Netflix and Paramount in October, nearly six to eight weeks before Netflix’s December 5 announcement.
In mid-to-late October, both Netflix and Paramount showed rising research intensity around acquisition strategy and M&A themes. Warner Bros. Discovery also demonstrated elevated activity during this period.
This early movement suggests acquisition strategy was already a topic of internal evaluation well before the public confirmation of negotiations.
On December 5, Netflix publicly confirmed it had secured exclusive rights to negotiate for Warner Bros. Discovery’s assets.
Notably, acquisition-related topics began elevating again in early to mid-December as Paramount submitted its competing offer and additional rounds of bidding unfolded. This second wave of research activity aligns with intensified competitive positioning and continued strategic evaluation across the companies involved.
Paramount’s response formalized what the Intent data had already suggested: that acquisition strategy had been an active focus across both organizations for months prior to public confirmation.
Paramount ultimately emerged as the victor in the months-long battle for Warner Bros. Discovery after Netflix backed out of the bidding war on February 26.
Conclusion
Bombora’s Intent data is a powerful resource for any organization looking to see directional signals in the marketplace. This comparison of acquisition-related research patterns across major media companies demonstrates how shifts in corporate attention toward mergers and acquisitions can surface well before public announcements. By identifying sustained increases in strategic research themes, Intent data helps illuminate evolving priorities and competitive positioning across industries.
*A research spike shows that companies were actively researching topics, meaning they had a Company Surge® score of 60 or higher.