Netflix is officially buying Warner Bros. What happens next?
In a groundbreaking move that could reshape the streaming landscape, Netflix has officially announced its acquisition of Warner Bros. Discovery (WBD) for a staggering $82.7 billion. This monumental deal, which was confirmed on Friday, encompasses all of Warner Bros.’ film and television studios, including the highly popular HBO and its streaming platform HBO Max. The acquisition has been unanimously approved by the boards of both companies, with Netflix valuing WBD shares at $27.75 each. This strategic purchase marks a significant milestone for Netflix as it seeks to enhance its content offerings and solidify its position in the competitive streaming market.
The deal comes after WBD turned down several offers from other major players, including Paramount Skydance and Comcast, which sought to merge NBC Universal with Netflix. The acquisition is expected to finalize after WBD’s Global Networks division, Discovery Global, becomes a publicly traded company in the third quarter of 2026. Netflix co-CEO Ted Sarandos emphasized the potential of this merger, stating, “Together, we can give audiences more of what they love and help define the next century of storytelling.” Meanwhile, WBD CEO David Zaslav echoed this sentiment, highlighting the union of two storytelling giants aimed at delivering beloved entertainment to an even broader audience.
For Netflix subscribers, this acquisition means an expansion of content that includes some of the most iconic franchises in entertainment history. With access to HBO’s extensive library, which features hits like *Game of Thrones* and the *Harry Potter* series, as well as the DC Comics universe and Warner Bros. Games, Netflix is poised to offer a more diverse range of titles. The company has indicated that it plans to maintain WBD’s current operations while also enhancing its own original content and production capabilities. This could lead to potential bundles or merged content libraries that would provide subscribers with an even richer viewing experience. However, until the deal receives approval from the United States Securities and Exchange Commission (SEC), there will be no immediate changes to either streaming service. Overall, this acquisition not only signifies Netflix’s ambition to dominate the streaming market but also reshapes the future of content consumption for millions of viewers worldwide.
It’s official:
Netflix
is buying Warner Bros. in a sale worth a towering $82.7 billion.
Announced by Netflix
on Friday, the two companies have reached a “definitive agreement” in which Netflix will acquire Warner Bros. and all its film and TV studios, including HBO and its streaming platform HBO Max. According to the
SEC filing
, the sale was “unanimously approved” by both Netflix and WBD’s boards.
The sale’s total equity value (what Netflix pays for WBD’s shares) sits at $72 billion with an enterprise value (what Netflix pays for WBD plus debt) of $82.7 billion, with Netflix valuing WBD at $27.75 per share.
SEE ALSO:
What does Netflix’s purchase of Warner Bros. mean for theatrical releases?
Netflix landed the winning bid after
WBD rejected three offers from Paramount Skydance
, and
a bid from Comcast to merge NBC Universal with Netflix
. The landmark sale is expected to close after WBD’s Global Networks division, Discovery Global (a separate company from WBD’s Streaming and Studios, they were split in June 2025), becomes a new publicly-traded company in Q3 2026.
Next, Netflix and WBD need to have their
filed agreement
approved by the United States Securities and Exchange Commission (SEC).
“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos in a press statement. “Together, we can give audiences more of what they love and help define the next century of storytelling.” Netflix co-CEO Greg Peters added that the acquisition “will improve our offering and accelerate our business for decades to come.”
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said WBD CEO and president David Zaslav in a statement.
What does this mean for your streaming services?
Essentially, the Netflix/WBD deal means the same streamer that owns mega hits
Stranger Things
and
KPop Demon Hunters
will also own HBO’s library, including the
Game of Thrones
and
Harry Potter
universes, as well as DC Comics and Warner Bros. Games. That’s a lot of IP. The deal is the biggest streaming move for Warner Bros. Discovery
since it merged HBO Max with Discovery+ in 2023
.
In its release, Netflix said it “expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.” Mashable’s Belen Edwards examined
what Netflix’s purchase of Warner Bros. mean for theatrical releases
.
As for your personal streaming habits, the company described the titles of HBO and HBO Max as “a compelling, complementary offering” for Netflix customers, which sounds like we’ll probably be seeing bundles or merged content libraries up ahead.
“By adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose,” the company said. “This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content.”
Netflix also mentions the acquisition would allow the company to expand studio production capacity and increase investment in original content.So until the SEC approves the deal, nothing will change in either of your streaming services. For now.
