Netflix has announced a landmark agreement to acquire Warner Bros. Discovery in a deal valued at $82.7 billion in total enterprise value — one of the largest transactions in entertainment history. The acquisition will unite the world's largest streaming platform with a century-long portfolio of films, TV series, and studio assets, including HBO and HBO Max.
Netflix Acquires Warner Bros. in a Historic $82.7 Billion Deal
The Netflix Warner Bros. deal was announced on December 5, 2025. Under the agreement, Netflix will acquire Warner Bros.' film and TV operations along with HBO and HBO Max, adding some of the most influential titles ever produced to its catalog — from Game of Thrones and The Sopranos to the DC Universe and The Wizard of Oz.
The transaction values Warner Bros. Discovery at $27.75 per share, with shareholders set to receive a combination of cash ($23.25) and Netflix stock ($4.50) for each share held.
What the Deal Includes
The Netflix Warner Bros. acquisition combines Netflix's global streaming platform with Warner Bros.' century-long portfolio of films, TV series, and studio capabilities. Netflix will gain control of 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.
What Ted Sarandos and David Zaslav Said
Netflix co-CEO Ted Sarandos stated that joining Warner Bros.' iconic franchises with Netflix originals — including 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."
Financial Impact and Timeline
The Netflix Warner Bros. Discovery merger is expected to deliver 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 deal is subject to regulatory approvals, shareholder approval, and the successful completion of the Discovery Global separation — the planned spin-off of Warner Bros. Discovery's Global Networks division into a new publicly listed company, expected in Q3 2026.
If approved, the acquisition is expected to close within 12 to 18 months.
