Netflix will acquire Warner Bros. (including HBO and DC Universe) for $82.7B, following the spin-off of Discovery Global. The deal unites iconic IP, creating a content giant.
In a deal that will profoundly reshape the global media landscape, Netflix, Inc. and Warner Bros. Discovery, Inc. (WBD) have announced a definitive agreement for Netflix to acquire Warner Bros., including its film and television studios, as well as HBO Max and HBO.
The cash-and-stock transaction is valued at approximately $82.7 billion in total enterprise value ($72.0 billion equity value). The acquisition is expected to close in 12–18 months, following WBD’s previously announced separation of its Global Networks division, Discovery Global, into a new publicly traded company in the third quarter of 2026.
This acquisition unites Netflix’s massive global reach and technological innovation with Warner Bros.’ century-long legacy of world-class storytelling. The combined entity will gain control of legendary intellectual properties, including The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe, which will now sit alongside Netflix originals like Wednesday and Stranger Things.
“By combining Warner Bros.’ incredible library of shows and movies—from timeless classics to modern favorites like Harry Potter and Friends—with our culture-defining titles, we’ll be able to entertain the world even better,” said Ted Sarandos, co-CEO of Netflix.
The merger’s complementary assets will offer consumers a richer library and greater value, while Netflix expects to realize at least $2–3 billion in annual cost savings by the third year. The company intends to maintain Warner Bros.’ current operations, including theatrical releases for films.
Transaction Complexity: The WBD Split
The acquisition is structured to take place after WBD’s current Global Networks business, branded as Discovery Global, is separated into its own publicly traded entity. This spin-off will include major cable and digital assets, such as CNN, TNT Sports, Discovery, Discovery+, and Bleacher Report. The complexity of this two-step process underscores the financial maneuvering required to bring Warner Bros. under the Netflix banner.
The deal, which was unanimously approved by both boards, requires WBD shareholder and regulatory approvals, including the successful completion of the spin-off of Discovery Global.
