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Netflix and Warner Bros Discovery (WBD) have finalized a deal in which Netflix will acquire Warner Bros, including its film and TV studios, HBO Max, and HBO, for approximately $82.7 billion, a transaction set to reshape the global media and streaming landscape.
Netflix and WBD announced they have entered into a definitive agreement for Netflix to acquire Warner Bros, covering film and TV studios, streaming platform HBO Max, and premium channel HBO.
The deal is structured as a combination of cash and stock, with WBD shareholders receiving $27.75 per share, totaling an enterprise value of approximately $82.7 billion and an equity value of $72 billion.
The transaction is expected to close after WBD completes the spin-off of its Global Networks division in the third quarter of 2026.
Netflix confirmed that Warner Bros operations will continue as usual. The companies stated the merger “combines Warner Bros ‘ iconic franchises and archives with Netflix’s leading digital entertainment service,” enhancing content offerings for viewers globally.
Reports earlier indicated Netflix had emerged as the front-runner in the auction for WBD’s studios and streaming assets, offering $28 per share, competing with Paramount Skydance, and Comcast.
Analysts noted Netflix’s mostly cash offer strengthened its position.
The merger will greatly expand Netflix’s content library: Warner Bros and HBO franchises and archives will now be under Netflix’s control, forming one of Hollywood’s most influential media companies.
The acquisition gives Netflix control over WBD’s decades of film and TV archives, as well as key intellectual property from Warner Bros and HBO.
For subscribers, the combined services could provide a more extensive and consolidated streaming offering.
From a corporate perspective, Netflix becomes a fully integrated media company controlling production, distribution, and streaming. However, regulators will likely scrutinize the deal for potential antitrust and competitive issues.
The acquisition positions Netflix as a combination of century-old storytelling and digital-age scale. Following WBD’s cable network spin-off, the deal is expected to close in Q3 2026.
Content creators will have access to extensive archives and production resources, while audiences gain unprecedented variety under a single subscription. Yet, the merged entity’s market power may raise competitive concerns and affect theatrical release strategies.
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