Netflix to Buy Warner Bros. Discovery in Major Streaming Deal

Netflix today announced that it will acquire Warner Bros. Discovery's vast studios and streaming operations for $82.7 billion.

The transaction will see Netflix acquire Warner Bros., HBO, and HBO Max in a cash-and-stock deal valued at $72 billion in equity and $82.7 billion, including debt (via Reuters). The acquisition gives it control of major franchises, including DC, Game of Thrones, Harry Potter, Looney Tunes, and the Warner Bros. film library, dramatically expanding the volume and diversity of content available under one streaming umbrella. The acquisition also gives Netflix the established HBO brand and its library of prestige television series such as The Sopranos, Succession, and The Wire.

Netflix said that it intends to maintain Warner Bros.' theatrical distribution, preserve HBO Max as a discrete service in the near term, and integrate HBO and Warner Bros. content into its own catalog.

Netflix confirmed that each Warner Bros. Discovery shareholder will receive $23.25 in cash and $4.50 in Netflix stock per share. The deal is contingent on Warner Bros. Discovery completing the previously announced separation of Discovery Global into a standalone company in the third quarter of 2026, as well as regulatory approval. The transaction is expected to take 12 to 18 months to complete.

Reports in October claimed that Apple was interested in acquiring Warner Bros. Discovery's extensive back catalog of content for Apple TV. With that prospect now firmly ruled out, ‌Apple TV‌ is highly likely to face heightened competition from Netflix in the years to come.