Netflix and Warner Bros. Discovery (WBD) announced today that they have signed a definitive agreement for Netflix to acquire Warner Bros., including its storied film and TV studios, HBO, and HBO Max.
The combined cash-and-stock deal offers $27.75 per WBD share, valuing the transaction at an enterprise total of roughly $82.7 billion (including $72 billion in equity). The merger is anticipated to close following WBD’s previously announced spin-off of its Global Networks arm, Discovery Global, which is slated to become a standalone publicly traded company in Q3 2026.
The acquisition unites Netflix’s global streaming power and innovation with Warner Bros.’ century-long heritage in premium storytelling. Iconic titles including The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe will sit alongside Netflix hits like Wednesday, Money Heist, Bridgerton, Adolescence, and Extraction, forming one of the strongest entertainment catalogs in the world.
Netflix co-CEO Ted Sarandos said the merger supports the company’s mission of “entertaining the world,” noting that the addition of Warner Bros.’ legendary library—from classics like Casablanca and Citizen Kane to modern pillars such as Harry Potter and Friends—will elevate what Netflix can offer viewers.
Co-CEO Greg Peters added that the deal will “accelerate our business for decades,” praising Warner Bros.’ creative legacy and saying Netflix’s global footprint will bring these worlds to even more fans, strengthening both the streaming platform and the wider industry.
WBD President and CEO David Zaslav called the move a union of “two of the greatest storytelling companies on Earth,” emphasizing that the partnership will ensure audiences worldwide continue to enjoy impactful, culture-shaping stories for generations to come.
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