Netflix to Acquire Warner Bros. in $82.7 Billion Deal

Netflix and Warner Bros. Discovery announced Friday they have reached a definitive agreement for Netflix to acquire Warner Bros.' film and television studios, along with the HBO Max streaming platform, in a transaction valued at approximately $82.7 billion.

Under the terms of the deal, Warner Bros. Discovery shareholders will receive $27.75 per share—$23.25 in cash and $4.50 in Netflix stock—representing an equity value of $72 billion. The acquisition includes Warner Bros.' film and television production studios, HBO, HBO Max, and their extensive content libraries spanning franchises such as DC Comics characters, "Game of Thrones," and "Harry Potter."

Warner Bros. Discovery will proceed with its previously announced plan to spin off its television networks division into a separate publicly traded company called Discovery Global. This new entity will include CNN, TNT Sports, Discovery channels, and digital platforms such as Discovery+ and Bleacher Report. The spin-off is expected to be completed in the third quarter of 2026, after which the Netflix acquisition would close.

The announcement concludes a competitive bidding process that attracted offers from Paramount Skydance and Comcast, the parent company of NBCUniversal. Paramount Skydance had pursued acquiring all of Warner Bros. Discovery, while Netflix and Comcast focused their bids on the studio and streaming assets.

Netflix has included a $5 billion breakup fee should regulatory authorities block the transaction. The deal requires approval from federal regulators, Warner Bros. Discovery shareholders, and other customary closing conditions. Both companies' boards of directors have unanimously approved the agreement.