USA
Netflix to Acquire Warner Bros. in Historic $82.7 Billion Entertainment Deal: Netflix, Inc. announced a definitive agreement to acquire Warner Bros. Discovery, Inc. (WBD), including its iconic film studio, television divisions, and HBO/HBO Max. The deal, valued at $82.7 billion, reflects one of the biggest mergers in media history and signals a massive consolidation of storytelling talent and streaming capabilities.
A Game-Changing Deal
Under the agreement, WBD shareholders will receive a combination of cash and Netflix stock worth $27.75 per share. The acquisition is expected to close after WBD completes its planned separation of Discovery Global into a publicly traded entity, projected in Q3 2026. This strategic timing marks one of the most ambitious restructuring efforts ever undertaken in the entertainment sector.
The Power of Two Titans
The merger pairs Netflix’s global streaming dominance with Warner Bros.’ rich legacy of storytelling. Warner Bros. brings a century’s worth of historic franchises such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe. These will join Netflix’s catalogue of cultural hits including Wednesday, Money Heist, Bridgerton, and Extraction.
“By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca to modern favorites like Harry Potter—with our culture-defining titles, we’ll be able to entertain the world even better,” said Netflix co-CEO Ted Sarandos. His remarks reflect the merger’s transformative potential for content expansion and global reach.
Accelerating Innovation and Value
Netflix co-CEO Greg Peters emphasized that the deal will increase content investment, boost production capacity, and enhance viewing options. He added that the acquisition will support jobs, strengthen the entertainment ecosystem, and ultimately create greater value for shareholders.
Similarly, Warner Bros. Discovery CEO David Zaslav said that combining forces with Netflix will ensure that treasured stories “continue to resonate for generations to come.” His comments underscore the legacy Warner Bros. has built over more than a century.
More Choices for Viewers Worldwide
The acquisition promises major benefits for consumers. Netflix members will gain access to premium HBO and HBO Max content, enhancing both viewing variety and subscription value. In turn, Netflix will maintain Warner Bros.’ theatrical release strategy while scaling production powered by enhanced financial and global resources.
New Opportunities for the Creative Community
By uniting Warner Bros.’ production depth with Netflix’s international platform, the companies expect to generate fresh opportunities for writers, directors, actors, and brand partners. The ability to cross-pollinate beloved IPs with new audiences could usher in breakthroughs in storytelling and global fan engagement.
Transaction Mechanics and Timing
Each WBD shareholder will receive $23.25 in cash and $4.50 in Netflix stock per share, subject to a defined price collar. The deal was unanimously approved by both companies’ boards and is expected to close 12–18 months after regulatory approvals and the completion of the Discovery Global separation.
Financial advisory roles include Moelis & Company for Netflix and J.P. Morgan, Allen & Company, and Evercore for WBD. Legal counsel includes Skadden, Wachtell Lipton, and others. Major financial institutions such as Wells Fargo, BNP, and HSBC will support committed financing.
A Historic Shift for Global Entertainment
Ultimately, this acquisition marks a turning point in how content is produced, distributed, and monetized. With two storytelling giants joining forces, consumers worldwide can expect an unprecedented era of cinematic innovation, broader viewing choices, and stronger streaming ecosystems.
