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Netflix took the entertainment world by surprise by announcing plans to acquire Warner Bros. and HBO in a deal valued at 82.7 billion dollars, a megatransaction that would instantly position the company as one of the most powerful forces in the global streaming industry. In a statement on its website, Netflix described the move as «Netflix to Acquire Warner Bros. Following the Separation of Discovery Global for a Total Enterprise Value of $82.7 Billion (Equity Value of $72.0 Billion)» and framed the acquisition as a way to expand its reach. The company said the transaction «unites Warner Bros.' iconic franchises and storied libraries with Netflix's leading entertainment service, creating an extraordinary offering for consumers» while promising to «maintain Warner Bros.' current operations». Netflix added that the combination would «offer more choice and greater value for consumers, create more opportunities for the creative community and generate shareholder value», concluding that the acquisition «will strengthen the entertainment industry».
Under the terms of the deal, Netflix says it has entered into «a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO», bringing almost all of Warner Bros. Discovery's core entertainment assets under its control. The company describes the transaction as a cash-and-stock offer valued at «$27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion)». According to Netflix, the acquisition is expected to close only after the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly traded company, a structural step that is now anticipated to be completed in Q3 2026, clearing the way for regulatory review and final approval of the takeover.
An unprecedented streaming offer
With the Warner Bros. deal, Netflix presents the acquisition as a way to fuse two major entertainment catalogues into what it calls an unprecedented streaming offer. In its announcement, the company says: «This acquisition brings together two pioneering entertainment businesses, combining Netflix's innovation, global reach and best-in-class streaming service with Warner Bros.' century-long legacy of world-class storytelling.» It highlights that «beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe» will sit alongside Netflix hits like «Wednesday, Money Heist, Bridgerton, Adolescence and Extraction». Co-CEO Ted Sarandos links the move directly to the company's core identity, stating: «Our mission has always been to entertain the world,» and adding that by bringing together Warner Bros. classics «from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends» with Netflix's own «culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game», the combined catalog will «give audiences more of what they love and help define the next century of storytelling.»
According to Netflix, the deal will not close immediately but only after a key restructuring step at Warner Bros. Discovery has been completed. The company says: «The transaction is expected to close after the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.» Netflix co-CEO Greg Peters presents the timeline as part of a long-term strategy, saying: «This acquisition will improve our offering and accelerate our business for decades to come,» and praising Warner Bros. as a studio that «has helped define entertainment for more than a century». He argues that Netflix's «global reach and proven business model» will give a broader audience access to the worlds Warner's creators build and «create more value for shareholders.» Warner Bros. Discovery boss David Zaslav echoes that message, calling Netflix and Warner Bros. «two of the greatest storytelling companies in the world» and saying that by «coming together with Netflix, we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come.»
