In one of the biggest shake-ups in entertainment history, Netflix has announced an agreement to acquire Warner Bros. Discovery in a colossal deal valued at nearly $83 billion. The companies confirmed the news on Friday, marking the largest industry consolidation since Disney purchased Fox for $71 billion in 2019.
A New Streaming Powerhouse With HBO Max and Iconic Film Library
Under the agreement, Netflix will gain control of Warner Bros. Discovery’s legendary film and television catalogue, including timeless classics like Casablanca and Citizen Kane, global hits such as The Sopranos and Game of Thrones, and blockbuster franchises like Harry Potter. The acquisition also gives Netflix ownership of HBO Max, one of the most prestigious streaming platforms in the world.
The deal values Warner Bros. Discovery at $27.75 per share, translating to an equity value of $72 billion and an enterprise value — including debt — of approximately $82.7 billion. The studio’s shares closed at $24.54 on the Nasdaq a day before the announcement.
Netflix co-CEO Ted Sarandos said the merger will reshape the future of global entertainment.
“Together, we can give audiences more of what they love and help define the next century of storytelling,” he stated, highlighting Netflix’s own global successes, including Stranger Things, Squid Game, and K-Pop Demon Hunters.
Boards Approve Deal as Industry Prepares for Massive Shift
Warner Bros. Discovery CEO David Zaslav called the agreement a defining moment for both companies.
“Today’s announcement combines two of the greatest storytelling companies in the world,” he said.
Both companies’ boards unanimously approved the deal, which is expected to close within 12 to 18 months, pending regulatory approval.
The acquisition positions Netflix as the world’s most dominant entertainment entity, blending its global streaming leadership with one of Hollywood’s richest content libraries. Analysts say the merger could reshape industry competition, push rivals toward further consolidation, and redefine how audiences around the world watch film and television.
