Netflix has acquired Warner Bros.’ iconic properties, including its film and television studios, HBO Max and HBO, the streaming platform said in a statement on Friday.
Netflix, which emerged as the top bidder, closed the deal at a total enterprise value of approximately USD 82.7 billion (with an equity value of USD 72 billion).
“Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO,” reads a press communique on the streamer’s official website.
“The cash and stock transaction is valued at USD 27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately USD 82.7 billion (equity value of USD 72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026,” the statement adds.
This acquisition unites two major forces in global entertainment, pairing Netflix’s top-tier streaming service with Warner Bros.’ century long legacy of storytelling. Consequently, beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe is set to join Netflix’s extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction.
“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,” he added.
“This acquisition will improve our offering and accelerate our business for decades to come...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,” said Greg Peters, co-CEO of Netflix.
The transaction was unanimously approved by the Boards of Directors of both Netflix and Warner Bros. Discovery (WBD).
Completion of the acquisition remains subject to regulatory clearance, approval from WBD shareholders, the successful separation of Discovery Global (WBD’s Global Networks business) and other customary closing conditions. The deal is expected to close within 12 to 18 months.
