What to know

  • Netflix will acquire Warner Bros.' film/TV studios, HBO, and HBO Max in a cash-and-stock deal valued at $82.7 billion enterprise ($72 billion equity).​
  • The deal follows Warner Bros. Discovery's planned spin-off of its Discovery Global Networks into a separate entity.​
  • Iconic franchises like DC Universe, Game of Thrones, and The Big Bang Theory join Netflix's library, boosting global content.​
  • Expect regulatory scrutiny, including antitrust reviews under the Trump administration.

Netflix has struck a sweeping deal to acquire Warner Bros., a move that rewrites the streaming landscape and sets up major changes by mid-2026.

Netflix and Warner Bros. Discovery announced the agreement on December 5, 2025. Under the deal, Netflix will take over Warner Bros.’ historic film and television studios, the HBO Max streaming service, and the HBO premium channel. The purchase values Warner Bros. Discovery at $27.75 per share in a mix of cash and stock, bringing the total enterprise value of the transaction to $82.7 billion.

Netflix gains direct control of Warner Bros.’ deep catalog of franchises and long-running hits — from DC superheroes to the Harry Potter universe and celebrated HBO originals. These join Netflix’s existing lineup, blending long-standing global favorites like The Big Bang Theory and Game of Thrones with its own flagship titles such as Stranger Things. Before the acquisition closes, Warner Bros. Discovery will separate its non-studio businesses, including Discovery Global Networks, into a new public company scheduled for completion in the third quarter of 2026.

Netflix frames the Warner Bros. acquisition as a win for both viewers and creators. You get expanded choice through deeper libraries, HBO programming, and continued theatrical releases. The combined studio strength boosts production capacity, supporting more original content and industry jobs. Creators gain new opportunities to work with iconic franchises and reach wider global audiences. Shareholders see long-term value through projected subscriber growth, stronger engagement, and significant cost savings within the first three years.

By combining Netflix’s global technology platform with Warner Bros.’ century-long storytelling legacy, the companies promise a broader and more compelling library for viewers. Negotiators describe the move as a unification of two industry leaders — and now you wait for the regulatory process to reveal when the new era officially begins.