Netflix, Inc. and Warner Bros. Discovery, Inc. WBD have announced a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max, and HBO. The transaction, valued at 27.75 per WBD share, represents a total enterprise value of approximately 82.7 billion and an equity value of roughly 72.0 billion. The deal is expected to close following the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly traded company, anticipated in Q3 2026.
The acquisition combines Netflix's global streaming reach and innovative platform with Warner Bros.' century-long legacy of iconic content and franchises, including The Big Bang Theory, Game of Thrones, The Wizard of Oz, the DC Universe, and HBO's extensive library. The merger will expand Netflix's portfolio of series and films, joining its original content like Stranger Things, Bridgerton, and Money Heist with Warner Bros.' historic and modern entertainment catalog.
Netflix co-CEOs Ted Sarandos and Greg Peters emphasized that the deal will enhance entertainment offerings for global audiences, strengthen the creative community, and expand opportunities for talent. They highlighted that combining Warner Bros.' studios, production capabilities, and franchises with Netflix's platform will offer more content choice, attract new audiences, and create long-term value for shareholders.
