Netflix Closes Deal to Buy Warner Bros. for $82.7 Billion

Netflix, Inc. and Warner Bros. Discovery (WBD) have announced a definitive agreement for Netflix to acquire Warner Bros., including its renowned film and television studios, HBO Max, and HBO. The colossal cash and stock transaction is valued at approximately $82.7 billion in total enterprise value.

This acquisition is planned to come to fruition in the third quarter of 2026, subsequent to the planned separation of WBD’s Global Networks division, which will become a new publicly traded company called Discovery Global (housing brands like CNN and TNT Sports).

The merger means that Netflix’s global streaming reach will now work hand-in-hand with Warner Bros.’ legacy. Netflix co-CEO Ted Sarandos emphasized that the deal will allow the company to entertain the world better by merging its original hits like Squid Game with Warner Bros.’ beloved properties, including Game of Thrones, Harry Potter, and the DC Universe. Netflix will also acquire classic titles like The Sopranos and The Wizard of Oz.

Together, we can give audiences more of what they love and help define the next century of storytelling. -Ted Sarandos

Netflix plans to maintain Warner Bros.’ existing operations, including the practice of theatrical releases for films. The company anticipates the acquisition will lead to at least $2–3 billion in annual cost savings and be accretive to earnings per share by the second year, promising increased value for shareholders. WBD President and CEO David Zaslav noted that uniting the two companies will ensure their globally resonant stories continue to reach audiences for generations.

Read more about this acquisition on Netflix's newsroom.