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What To Know
- The acquisition is expected to bring at least $2-3 billion in annual cost synergies by the third year after closing and become accretive to earnings by year two, according to Netflix.
- Discovery CEO David Zaslav called the deal a union of “two of the greatest storytelling companies in the world.
- The companies say the move will also create new opportunities for the creative community, allowing filmmakers and writers greater access to established intellectual properties and a larger international audience.
Netflix has announced a landmark agreement to acquire Warner Bros. for a total enterprise value of $82.7 billion, marking one of the largest deals in entertainment history. The acquisition will take place after Warner Bros. Discovery completes the planned separation of its Global Networks division — Discovery Global — into a new publicly listed company in the third quarter of 2026.
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. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8
— Netflix (@netflix) December 5, 2025
The transaction combines Netflix’s global streaming platform with Warner Bros.’ century-long portfolio of films, TV series and studio capabilities. Under the deal, Netflix will acquire Warner Bros.’ film and TV operations, as well as HBO and HBO Max, adding some of the most influential titles ever produced to its catalog.
According to Netflix, the combination will offer more value and choice for consumers, while keeping Warner Bros.’ current operations intact. The companies say the move will also create new opportunities for the creative community, allowing filmmakers and writers greater access to established intellectual properties and a larger international audience.
Netflix co-CEO Ted Sarandos stated that joining Warner Bros.’ iconic franchises with Netflix originals — including series like Stranger Things, Wednesday and Money Heist — will help define “the next century of storytelling.” Warner Bros. Discovery CEO David Zaslav called the deal a union of “two of the greatest storytelling companies in the world.”
The acquisition is expected to bring at least $2-3 billion in annual cost synergies by the third year after closing and become accretive to earnings by year two, according to Netflix. The company also plans to maintain theatrical releases, signaling a continued commitment to cinema alongside streaming growth.
The transaction values Warner Bros. Discovery at $27.75 per share, with shareholders set to receive a mix of cash and Netflix stock. The deal is subject to regulatory approvals, shareholder approval and the successful completion of the Discovery Global separation.
If approved, the acquisition is expected to close within 12 to 18 months.
