In a historic 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., which includes HBO and HBO Max as well as its historic film and television studios. The mega deal, at an enterprise value of approximately $82.7 billion, is expected to close after Warner Bros. Discovery completes the previously announced separation of its Global Networks division in the third quarter of 2026.
Netflix set to acquire Warner Bros. in unprecedented $82.7 billion deal
This acquisition unites Netflix’s world-leading streaming platform with Warner Bros.’ A centuries-old legacy of legendary storytelling. prestigious title from the Wizard of OzFrom Game of Thrones and Friends to The Sopranos and major DC Universe films, they will now be housed under the same umbrella alongside Netflix’s domestic successes like Stranger Things, The Wednesdays, Bridgerton and Squid Game.
“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos. ‘Including Warner Bros.’ Incredible library of shows and movies – from timeless classics like casablanca And citizen Kane Like for modern favorites harry potter And guys—with our culture-defining titles like Stranger Things, Kpop Demon Hunters, and Squid Game, we’ll be able to do even better. Together, we can give audiences more of what they love and help define the next century of storytelling.
Netflix co-CEO Greg Peters added, “This acquisition will improve our offering and accelerate our business for decades to come.” “Warner Bros. has helped define entertainment for more than a century and continues to do so with unprecedented creative executives and production capabilities. With our global reach and proven business model, we can introduce broader audiences to the worlds they create – providing more choice to our members, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry, and creating greater value for shareholders.”
“Today’s announcement connects two of the world’s greatest storytelling companies to bring even more people the entertainment they love to watch most,” said David Zaslav, Chairman 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. Together with Netflix, we will ensure that 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 film production pipeline. The company also expects to significantly expand its US production capacity along with increased investment in core content in the long term.
Consumers can expect broader viewing options once the acquisition is finalized, as Netflix plans to integrate HBO and HBO Max programming and Warner Bros.’ Extensive catalog in its current lineup. Industry analysts see the merger as a move that could intensify competition within Hollywood, while enabling both companies to exploit shared strengths at a time when the streaming landscape is rapidly evolving.
Netflix estimates it will save $2–3 billion in annual costs by the third year and expects the merger to be accretive to earnings by the second year. The transaction has received unanimous approval from the boards of both companies, but is subject to regulatory approval and shareholder votes.
If completed as planned, the deal will be one of the most historic collaborations in entertainment – uniting two powerhouses to create an unprecedented content ecosystem for a global audience.
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