Netflix is set to acquire Warner Bros. Discovery’s studio and streaming assets in a blockbuster deal valued at $72 billion plus debt, marking one of the most significant takeovers in Hollywood history. The agreement—still pending regulatory approval—will give Netflix control of Warner Bros.’ iconic film and TV studios, as well as HBO and HBO Max.
The transaction is expected to close after Warner Bros. Discovery completes its planned separation of its Global Networks division into a newly listed company. Under the 2026 restructuring plan, Netflix will assume ownership of the studios and streaming platforms, while the new Discovery Global entity will manage CNN and the company’s cable networks.
If finalized, the merger will unite Warner Bros.’ extensive catalog—including franchises and classics such as Harry Potter, DC, The Sopranos, Game of Thrones, Friends, The Big Bang Theory, and Casablanca—with Netflix’s global hits like Stranger Things, Wednesday, Bridgerton, and Squid Game.
Netflix announced that it intends to maintain Warner Bros.’ operations, including its theatrical release strategy, signaling a commitment to preserving the studio’s traditional film pipeline. The acquisition is especially notable because Netflix has historically avoided major studio purchases, relying instead on its rapidly expanding library of original programming. As of the last quarter, 63% of Netflix’s content consisted of originals.
Industry analysts say the deal underscores the rapidly consolidating streaming landscape. With services such as HBO Max, Paramount+, and Peacock struggling to scale, Netflix’s move prevents rivals from gaining control of Warner Bros.’ valuable IP and further cements the company’s dominance.
Netflix co-CEO Ted Sarandos said the merged assets will “give audiences more of what they love and help define the next century of storytelling.”
The Warner Bros. Discovery assets drew competitive bids from Paramount, Netflix, and Comcast, with Paramount even challenging the fairness of the process. Analysts noted that while any buyer could clear antitrust review, Netflix and Comcast would face the closest scrutiny due to their size.
Despite potential regulatory pushback, Netflix’s financial strength positioned it as the frontrunner. The final agreement includes a mix of cash and stock, giving Warner Bros. Discovery shareholders $23.25 in cash and $4.50 in Netflix shares.
