Netflix has announced that it will acquire Warner Bros. Discovery’s studios and streaming operations for $82.7 billion. The streaming giant will acquire Warner Bros., HBO, and HBO Max in a cash-and-stock deal valued at $72 billion in equity and $82.7 billion, including debt (via Reuters).
This gives Netflix control of several major franchises, including DC, Harry Potter, Game of Thrones, Looney Tunes, and the Warner Bros. film library. Netflix will gain control of the established HBO brand and its large library of well-known television series such as The Sopranos and The Wire.
Netflix said that it intends to continue to theatrically distribute Warner Bros.’ films. While continuing to offer HBO Max as a separate service for the near future, it will integrate HBO and Warner Bros. content into its own streaming catalog.
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
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “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.”
“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEO of Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”
Netflix says that each Warner Bros. Discovery shareholder will receive $23.25 in cash and $4.50 in Netflix stock per share. The deal is contingent on Warner Bros. Discovery completing its plan to separate its Streaming & Studios and Global Networks divisions into two separate publicly traded companies. This separation is now expected to be completed in Q3 2026.
Apple had been previously mentioned as a suitor for Warner Bros. Discovery, thanks to its huge back catalog of content that could be used for streaming on Apple TV. The streaming service has long-faced criticism for not having an extensive library of content, as the service has focused on creating original content instead of buying from other studios.
