Netflix to Acquire Warner Bros.

Netflix and Warner Bros. Discovery (WBD) have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. 

The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion (£54.0 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. 

This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as “The Big Bang Theory,” “The Sopranos,” “Game of Thrones,” “The Wizard of Oz” and the DC Universe will join Netflix’s extensive portfolio including “Wednesday,” “Money Heist,” “Bridgerton,” “Adolescence” and “Extraction.” 

“Our mission has always been to entertain the world,” says Ted Sarandos, co-chief executive officer, 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.” 

“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-chief executive officer, Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. 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.” 

“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” says David Zaslav, president and chief executive officer, Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”