A streaming titan, Netflix has secured a deal to acquire Warner Bros streaming assets for $82.7 billion formally confirming a cash-and-stock deal that will see it take ownership of Warner Bros. Discovery’s studio and streaming business.
This transaction, valued at a total enterprise value of approximately $82.7 billion, grants Netflix control over a century of Hollywood heritage, including the iconic Warner Bros. film and TV studios, HBO, and the HBO Max platform.
Under the terms, each Warner Bros. Discovery shareholder will receive $23.25 in cash and 4.501 shares of Netflix common stock per share held. The transaction values Warner Bros. Discovery at $27.75 per share. The boards of both companies approved the agreement unanimously. The acquisition follows Warner Bros. Discovery’s plan to separate its Global Networks division, which includes CNN and TNT, into a standalone public company. That split, now set for the third quarter of 2026, must occur before the Netflix deal closes, expected in 12 to 18 months.
Netflix’s offer to acquire Warner Bros for $82.7 billion edged out competing bids from Paramount, Skydance, and Comcast.
It was gathered that Netflix’s mix of cash and stock, along with a $5 billion breakup fee if regulators block the merger, positioned it as the frontrunner. Exclusive talks began after Netflix submitted its latest bid on Thursday.
The acquisition of Warner Bros for $82.7 billion is expected to integrate Warner Bros.’ franchises, such as Harry Potter, DC Comics, and Game of Thrones, into Netflix’s platform.
Netflix, with over 300 million subscribers, will gain control of HBO Max’s 100 million users and Warner’s extensive film and TV libraries. This adds depth to Netflix’s catalog, which relies on licensed and original content. Netflix has committed to continuing theatrical releases for Warner Bros. films, a shift from its focus on direct-to-streaming models.
In a statement on social media and its investor site, Netflix said: “Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere.” Netflix co-CEO Ted Sarandos called it a “rare opportunity” to expand production and original content investment, which he said would create jobs and support the industry.
Warner Bros. Discovery CEO David Zaslav added: “For more than a century, Warner Bros. has thrilled audiences… By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.” The deal allows Warner Bros. Television to produce for third parties, and Netflix will maintain exclusive content for its platform.
This is Netflix’s largest acquisition to date; the company has historically grown through organic development rather than buys.
Netflix holds about 20 percent of the U.S. streaming market share; adding HBO Max could push that higher. Sarandos expressed confidence in approval, but analysts note risks from consolidated ownership.
Industry groups have raised concerns. The Directors Guild of America plans meetings with Netflix over labor impacts. Cinema United, representing theaters, warns that the deal could harm moviegoing by prioritizing streaming. A group of film executives urged Congress to intervene, citing risks to Hollywood’s structure. Paramount accused Warner Bros. Discovery of an unfair sale process favoring Netflix.
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