Netflix has agreed to buy Warner Bros Discovery’s film and TV studios, along with its streaming business, including HBO Max. The deal values the company at $72 billion in equity, or roughly $82.7 billion including debt, making it one of the largest acquisitions in the entertainment industry.
Under the agreement, Warner Bros Discovery shareholders will receive $23.25 in cash and $4.50 in Netflix stock per share, totaling $27.75 per share. The acquisition will finalize only after Warner Bros spins off its traditional cable and TV channels, expected by mid-2026, and after receiving regulatory and shareholder approvals.
The deal gives Netflix access to one of Hollywood’s richest content libraries, including blockbuster franchises such as Harry Potter, DC Comics, and Game of Thrones, along with Warner Bros’ film and TV studio infrastructure. This move positions Netflix not just as a streaming service, but also as a full-scale content creator, expanding its influence in the global entertainment market.
Industry experts say the merger could reshape how audiences watch movies and TV shows worldwide, though it may attract regulatory scrutiny due to potential market concentration. Questions remain over whether Netflix will merge HBO Max into its platform or keep it separate, and how the consolidation may affect competition and content diversity in the industry.
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