Netflix has announced a blockbuster agreement to acquire Warner Bros. and HBO, marking one of the largest entertainment mergers in history. The deal, valued at $82.7 billion, will give Netflix control over Warner’s legendary film studio and HBO’s premium TV catalog, including franchises like Harry Potter, DC Universe, and Game of Thrones.
Under the agreement, Warner Bros. Discovery will spin off its “Discovery Global” networks business into a separate company before the acquisition is finalized. Warner Bros.’ studio operations, HBO, HBO Max, and the full content library will move under Netflix’s ownership once regulatory and shareholder approvals are completed.
As part of the transaction, WBD shareholders will receive $23.25 in cash plus Netflix stock for each share they hold. The companies expect the deal to close sometime in 2026, following a 12–18 month approval process.
Netflix says it plans to maintain Warner Bros.’ theatrical releases and HBO’s existing production structure, but analysts expect significant industry shifts as the world’s largest streaming platform integrates one of Hollywood’s oldest studios. The acquisition positions Netflix as an entertainment giant with unprecedented control over both streaming and blockbuster IP.
If finalized, the merger will reshape the global streaming landscape and consolidate a massive share of premium content under one platform.
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