Netflix has officially disclosed its acquisition of Warner Bros. in a transaction worth $82.7 billion. The deal, announced on Friday, involves Netflix taking over Warner Bros. along with its film and television studios, including HBO and HBO Max. According to the SEC filing, the boards of both Netflix and WBD have unanimously sanctioned the sale.
The overall equity value of the deal is $72 billion, with an enterprise worth of $82.7 billion, placing WBD’s value at $27.75 per share.
Netflix clinched the deal after WBD turned down proposals from Paramount Skydance and a Comcast offer to merge NBC Universal with Netflix. The closure of the sale is anticipated to follow WBD’s Global Networks division, Discovery Global, becoming a publicly traded entity in Q3 2026.
The agreement between Netflix and WBD is now pending approval from the United States Securities and Exchange Commission (SEC).
Netflix co-CEO Ted Sarandos remarked, “Our mission has always been to entertain the world. Together, we can offer audiences more of what they cherish and help delineate the next century of storytelling.” Co-CEO Greg Peters noted that the acquisition “will enhance our offerings and accelerate our business for years to come.” WBD CEO David Zaslav commented, “Today’s announcement merges two of the most significant storytelling companies in the world to provide even more people with the entertainment they cherish most.”
This acquisition means that Netflix, which boasts hits like Stranger Things and KPop Demon Hunters, will also take ownership of HBO’s library, including Game of Thrones and Harry Potter, alongside DC Comics and Warner Bros. Games. This represents the largest streaming move for Warner Bros. Discovery since the combination of HBO Max with Discovery+ in 2023.
Netflix intends to uphold Warner Bros.’ existing operations and capitalize on its strengths, including theatrical releases. The company described the titles from HBO and HBO Max as a “compelling, complementary offering” for Netflix subscribers, implying possibilities for bundles or integrated content libraries.
Netflix asserted, “By incorporating the extensive film and TV libraries and HBO and HBO Max programming, Netflix members will have an even broader selection of high-quality titles. This also permits Netflix to refine its plans for consumers, enhancing viewing options and broadening access to content.”
The acquisition will allow Netflix to enhance studio production capabilities and boost investment in original programming. Until SEC approval, no modifications will be made to streaming services.