Netflix Finalizes $82.7 Billion Acquisition of Warner Bros. Discovery

Netflix has finalized an agreement to acquire Warner Bros. Discovery for a total enterprise value of $82.7 billion, comprising $72 billion in equity. The deal includes Warner Bros.' film and television studios, HBO Max, and HBO.

The transaction is set to close following the planned separation of Warner Bros. Discovery's Global Networks division, Discovery Global, into a new publicly traded company, expected in the third quarter of 2026.

Ted Sarandos, co-CEO of Netflix, stated, "By combining Warner Bros.' incredible library of shows and movies... with our culture-defining titles... we'll be able to [entertain the world] even better."

The acquisition aims to offer consumers a broader range of content and create more opportunities for the creative community. Netflix plans to maintain Warner Bros.' current operations, including theatrical releases, and integrate its content into Netflix's streaming platform.

This move follows a competitive bidding process, with Netflix's offer prevailing over a $108.4 billion all-cash bid from Paramount Skydance. The Warner Bros. Discovery Board of Directors unanimously recommended shareholders approve the Netflix agreement, citing it as the best option for long-term value.

The acquisition is subject to regulatory approvals and is expected to close within 12 to 18 months.