In a blockbuster move that marks one of the biggest acquisitions in entertainment history, Netflix has reached a definitive agreement to acquire Warner Bros. Discovery’s film and television studios, along with its streaming services including HBO Max and HBO. The transaction — a mix of cash and stock — values Warner Bros. at about US $27.75 per share, with a total enterprise value of approximately US $82.7 billion (equity value around US $72 billion). 

What the Deal Covers

Under the agreement, Netflix will take control of Warner Bros.’ iconic film and TV studio operations, as well as its streaming assets. Prior to finalization, Warner Bros. Discovery will spin off its Global Networks division — which includes cable channels and international networks — into a separate publicly traded company named Discovery Global; that separation is expected to complete in the third quarter of 2026. 

Franchises and libraries joining Netflix’s content portfolio will include globally recognized IP such as the Harry Potter series, the The Wizard of Oz canon, the DC Comics universe, top-tier HBO shows, and decades of film and television back-catalog. PR Newswire+1 Netflix said it intends to continue theatrical releases for films under the Warner Brothers banner. 

Why It Matters 

Netflix leaders described the acquisition as a transformative step: combining Netflix’s global streaming and production capabilities with Warner Bros.’ historic storytelling legacy. The move significantly broadens Netflix’s content library, giving subscribers access to some of Hollywood’s most enduring franchises. 

The deal — which followed an intense bidding war involving major rivals such as Paramount Skydance and Comcast — cements Netflix’s position as the dominant force in global streaming and studio production. Given the scale, the acquisition is expected to draw close regulatory scrutiny, especially in the U.S. and Europe. 

If all goes according to plan, the deal is scheduled to close sometime after Discovery Global’s spinoff — likely in late 2026 or early 2027. Until then, existing Warner Bros. operations, production schedules, and theatrical release plans are expected to continue without major disruption.