In a landmark move that could reshape the global entertainment landscape, Netflix and Warner Bros. Discovery have announced a definitive agreement under which Netflix will acquire Warner Bros., including its storied film and television studios along with HBO and HBO Max. The mega deal, valued at an enterprise price of approximately $82.7 billion, is expected to close after Warner Bros. Discovery completes the previously announced separation of its Global Networks division in Q3 2026.
Netflix set to acquire Warner Bros. in groundbreaking $82.7 billion deal
The acquisition unites Netflix’s world-leading streaming platform with Warner Bros.’ century-old legacy of celebrated storytelling. Iconic titles ranging from The Wizard of Oz, Game of Thrones and Friends to The Sopranos and key DC Universe films will now be housed under the same umbrella as Netflix’s home-grown successes like Stranger Things, Wednesday, Bridgerton and Squid Game.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “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. Together, we can give audiences more of what they love and help define the next century of storytelling.”
“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEO of Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”
“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,” said David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
As part of the agreement, Netflix will maintain Warner Bros.’ current operations, including theatrical releases—an assurance that signals continuity for the studio’s traditional filmmaking pipeline. The company also anticipates significant expansion in its U.S. production capacity, alongside increased investment in original content over the long term.
Consumers can expect broader viewing choices once the acquisition is finalized, with Netflix planning to integrate HBO and HBO Max programming and Warner Bros.’ extensive catalogue into its existing lineup. Industry analysts view the merger as a move that could intensify competition within Hollywood while enabling both companies to capitalize on shared strengths at a time when the streaming landscape continues to evolve rapidly.
Netflix projects $2–3 billion in annual cost savings by the third year and expects the merger to be accretive to earnings by year two. The transaction has received unanimous approval from both companies’ boards but remains subject to regulatory clearances and shareholder votes.
If completed as planned, the deal would mark one of the most historic collaborations in entertainment—uniting two powerhouses to create an unprecedented content ecosystem for global audiences.
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