What To Know
- Netflix has agreed to acquire Warner Bros., including its film and TV studios, HBO, and HBO Max, in a $72 billion deal after outbidding Comcast and Paramount Skydance.
- The acquisition, pending regulatory approval, will give Netflix access to major franchises like Harry Potter, Game of Thrones, and the DC Universe.
- Netflix plans to maintain Warner Bros.’ current operations, expand U.S. production capacity, and combine both companies’ extensive content libraries to enhance global entertainment offerings.
Netflix and Warner Bros. Discovery (WBD) have today (Friday, December 5) confirmed reports that they have entered into a “definitive agreement” under which Netflix will acquire Warner Bros., including its film and TV studios, HBO, and HBO Max.
The deal, reported to be worth $72 billion, comes after a tense bidding war with rivals Comcast and Paramount Skydance, who also threw their hats into the ring to snatch up WBD. Of course, the agreement is subject to regulatory conditions, meaning the Trump administration will have to review any transaction between the two companies.
In the official announcement, Netflix said it “expects to maintain Warner Bros.’ current operations” while building on “its strengths, including theatrical releases for films.” The streamer also noted the acquisition will allow them to “significantly expand U.S. production capacity.”
Under the deal, Netflix would gain the rights to several popular HBO shows and franchises, including Harry Potter, Game of Thrones, The Big Bang Theory, The Sopranos, and the DC Universe.
The deal does not include the WBD cable channels, such as CNN, TNT, and TBS. As previously announced, WBD will proceed with its plan to split into two publicly traded halves in 2026. The new division, Discovery Global, comprises the company’s traditional TV assets and is expected to launch in summer 2026, after which the Netflix-WBD deal will move forward.
“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better.”
He continued, “Together, we can give audiences more of what they love and help define the next century of storytelling.”
David Zaslav, President and CEO of Warner Bros. Discovery, added, “Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most.”
“For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture,” he went on. “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”