Netflix announced on December 5, 2025 that it has reached an agreement to acquire Warner Bros. in a deal valued at $82.7 billion, a move set to reshape Hollywood and global streaming.
The acquisition includes Warner Bros.’ film and television studios, as well as its streaming platforms HBO and HBO Max.
Warner Bros. Discovery shareholders are expected to receive $27.75 per share in a combination of cash and stock, with the stock portion tied to Netflix’s closing share price.
Warner Bros. Discovery’s Global Networks division will not be part of the transaction and will be spun off as a separate company prior to closing.
The acquisition brings Netflix a vast array of content, from blockbuster franchises like Game of Thrones and the DC Universe to the Harry Potter series, along with classic films and long-running TV hits such as The Big Bang Theory and The Sopranos.
These assets will complement Netflix originals, enhancing its position as a global entertainment leader.
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Netflix plans to continue Warner Bros.’ theatrical releases while integrating its extensive content library into its streaming service.
The deal requires regulatory and shareholder approvals and is expected to close between mid-2026 and late-2026.
The transaction is one of the largest in entertainment history and signals a new era of consolidation between streaming platforms and traditional Hollywood studios.
Netflix described the merger as a step toward “defining the next century of storytelling” and creating a single, compelling destination for audiences worldwide.