Netflix has agreed to acquire Warner Bros Discovery's film, television and streaming operations in a 72 billion cash-and-stock deal, giving the streaming giant control of one of Hollywood's largest studios and most valuable content libraries. Warner Bros Discovery shareholders will receive cash and Netflix stock under the agreement, which includes a breakup fee of up to 5.8 billion.
The deal, reached after a competitive bidding process against Paramount and Comcast, would hand Netflix ownership of major franchises such as , , and DC Comics' Batman and Superman. Netflix co-CEO Ted Sarandos said the acquisition offers a rare opportunity to expand the company's storytelling capabilities and global content library.
The merger is expected to face significant antitrust scrutiny in both the U.S. and Europe, given the combined companies' large market share and overlapping streaming operations. Critics, including industry groups and former media executives, have raised concerns about reduced competition and the potential impact on theatrical releases and creative workers. Netflix said it intends to maintain Warner Bros' presence in cinemas and increase long-term investment in content production.
