Netflix to buy Warner Bros. Discovery for nearly $83 billion
Netflix announced Friday that it has reached an agreement to acquire Warner Bros. Discovery in a landmark deal worth nearly $83 billion, marking one of the most significant mergers in the modern entertainment era. The purchase will give Netflix control over one of Hollywood’s most storied studios, along with access to the expansive film and television catalog produced across Warner Bros.’ near-century-long history. It also brings the prestigious streaming platform HBO Max under Netflix’s umbrella, dramatically expanding its premium content portfolio.
The deal values Warner Bros. Discovery at $27.75 per share, representing a total equity valuation of roughly $72 billion, while the overall enterprise value—factoring in debt—reaches $82.7 billion. By comparison, Warner Bros. Discovery shares closed at $24.54 on Thursday, making Netflix’s offer a substantial premium and signaling its determination to secure the studio and its assets. This merger is the biggest entertainment-industry consolidation since Disney acquired Fox for $71 billion in 2019, underscoring the intensifying competition among global streaming giants.
Warner Bros. has long been synonymous with some of cinema’s most iconic works, ranging from classics such as Casablanca and Citizen Kane to modern cultural touchstones like The Sopranos, Game of Thrones, and the Harry Potter film franchise. Adding this trove of intellectual property gives Netflix new opportunities to revitalize established brands, develop spin-offs, and expand its library with some of the most influential titles ever produced.
Netflix co-CEO Ted Sarandos celebrated the announcement, emphasizing the combined creative potential of the two companies. “Together, we can give audiences more of what they love and help define the next century of storytelling,” he said, highlighting Netflix’s own global hits including Stranger Things, KPop Demon Hunters, and Squid Games. His remarks point to a vision of merging Warner’s legacy with Netflix’s innovative production and distribution capabilities.
Warner Bros. Discovery President and CEO David Zaslav echoed this sentiment, calling the partnership a union of “two of the greatest storytelling companies in the world.” Both companies confirmed that their boards unanimously approved the agreement, signaling strong internal confidence in the merger’s strategic value.
The transaction is expected to close within 12 to 18 months, pending regulatory review and shareholder approval. If finalized, the acquisition will reshape the entertainment landscape and significantly strengthen Netflix’s position as a global content powerhouse.
