Netflix to acquire Warner Bros. in $82.7 billion deal
Netflix and Warner Bros. Discovery, Inc. announced a definitive agreement under which Netflix will acquire the core assets of Warner Bros., including its iconic film and television studios, as well as the premium streaming services, HBO and HBO Max.
The total transaction is valued at an estimated $82.7 billion, structured as a cash and stock deal offering $27.75 per WBD share, resulting in an equity value of $72.0 billion. The acquisition is contingent upon the previously announced spin-off of WBD’s Global Networks division, Discovery Global, into a separate publicly traded entity, a separation now anticipated to conclude in the third quarter of 2026.
This merger combines Netflix’s unparalleled innovation, massive global reach, and industry-leading streaming technology with Warner Bros.' century-long legacy of world-class storytelling and a trove of beloved, high-value franchises. The combined entity aims to create an extraordinary entertainment powerhouse for audiences worldwide.
Ted Sarandos, Co-CEO, Netflix: ''Our mission has always been to entertain the world. By combining Warner Bros.’ incredible library of shows and movies - from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends - with our culture-defining titles like Stranger Things, KPop Demon Hunters, and Squid Game, we'll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.''
Greg Peters , Co-CEO, Netflix: ''This acquisition will improve our offering and accelerate our business for decades to come. With our global reach and proven business model, we can introduce a broader audience to the worlds they create - strengthening the entire entertainment industry and creating more value for shareholders.''
The transaction is expected to face rigorous regulatory scrutiny globally, given the immense scale and influence of the combined company over content production and distribution.
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