Netflix is making one of its most ambitious plays yet, confirming that it will acquire Warner Bros. in a deal worth roughly $82.7 billion, combining cash and stock.
As part of the agreement, Netflix will acquire Warner Bros. Discovery’s film and television studio, its content library, and properties such as HBO, HBO Max, and the DC Universe. The deal values WBD shares at $27.75 each, totaling approximately $72 billion in equity.
The acquisition would combine Netflix’s platform and original programming with Warner Bros.’ extensive film and television catalog. Well-known titles, including Casablanca, Harry Potter, Friends, and Game of Thrones, would eventually be available on Netflix, along with the full DC franchise.
Netflix Co-CEO Ted Sarandos described the deal as a big milestone in the company’s push to become the world’s leading entertainment platform.
“Our mission has always been to entertain the world,” said Sarandos. “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.”
The acquisition will not be finalized immediately. It is dependent on Warner Bros. Discovery completing a separation of its Global Networks division from its streaming and studio businesses. The restructuring is expected to be finished by the third quarter of 2026, when the deal would formally close.
With this merger, the streaming wars take a sharp new turn. Instead of companies fighting to grow their own platforms, the industry appears to be bending back toward one universal destination for content, and Netflix now sits at the center of that shift. Still, before any of it becomes reality, the company will have to navigate a long stretch of regulatory scrutiny around the world.
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