HOLLYWOOD, Calif. – Netflix is buying Warner Bros. for about $82.7 billion, a move that totally shakes up the movie and TV business.
Netflix and Warner Bros. Discovery (WBD) said today they have a final deal. Netflix will take over Warner Bros., which includes its film and TV studios, plus the popular streaming services HBO and HBO Max.
Here’s the thing: This deal is happening after WBD first spins off its Global Networks division, called Discovery Global, into a new public company. That spin-off is expected in late 2026.
This acquisition brings together two giants. Netflix is huge globally with shows like Wednesday and Squid Game. Warner Bros. has a 100-year history with massive hits.
Now, all those fan-favorite franchises are coming under the Netflix roof:
- The Sopranos, Game of Thrones, The Big Bang Theory, and Friends.
- The DC Universe, The Wizard of Oz, Casablanca, and Harry Potter.
Ted Sarandos, co-CEO of Netflix, said their mission is to entertain the world. “By combining Warner Bros.’ incredible library… with our culture-defining titles, we’ll be able to do that even better.”
Greg Peters, the other co-CEO, added that this will “accelerate our business for decades to come.”
The entire business is valued at about $82.7 billion (which is an equity value of $72.0 billion). WBD shareholders will get $27.75 per share in a mix of cash and Netflix stock.
David Zaslav, President and CEO of Warner Bros. Discovery, said the deal “combines two of the greatest storytelling companies in the world.”
- More for Customers: By adding HBO and HBO Max content, Netflix members get a huge boost in options and better value.
- Theaters Stay: Netflix plans to keep Warner Bros.’ current operations, and that means films will still be released in movie theaters.
- Money Talk: Netflix expects to save at least $2–3 billion per year by the third year. They also think the deal will help their earnings per share by the second year.
This huge deal will now face a lot of scrutiny from government regulators in the US and overseas because it gives the world’s biggest streamer a massive amount of power in Hollywood.
