Netflix, Inc. and Warner Bros. Discovery, Inc. (WBD) have entered into a definitive agreement for Netflix to acquire Warner Bros., including its film and television studios, HBO Max and HBO.
The cash-and-stock deal values WBD at $27.75 per share (subject to a collar), representing a total enterprise value of approximately $82.7 billion and an equity value of $72.0 billion. The acquisition is expected to close after WBD completes the previously announced separation of its Global Networks division, Discovery Global, into a new publicly traded company, now targeted for the third quarter of 2026.
The transaction unites two industry leaders—Netflix’s global streaming scale and culture-defining originals with Warner Bros.’ century-long legacy of world-class storytelling. Iconic franchises and titles such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe will join Netflix’s portfolio, which includes hits like Wednesday, Money Heist, Bridgerton, Adolescence and Extraction.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ extraordinary library—from classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-shaping titles like Stranger Things, KPop Demon Hunters and Squid Game, we can do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
“This acquisition will enhance our offering and accelerate our business for decades,” added Netflix co-CEO Greg Peters. “Warner Bros. has shaped entertainment for more than 100 years. With our global reach and proven model, we can bring its worlds to even broader audiences—giving members more choices, strengthening the industry, and creating long-term value for shareholders.”
David Zaslav, President and CEO of WBD, said: “This announcement brings together two of the greatest storytelling companies in the world. For generations, Warner Bros. has captivated audiences and influenced culture. Joining with Netflix ensures these powerful stories reach even more people around the world for many years to come.”
NETFLIX PHOTO