Netflix to Acquire Warner Bros. Film Studio and HBO Max in $72 Billion Blockbuster Deal

Netflix has set the stage for a historic acquisition of some of the most important assets of the Warner Bros. Discovery company. These assets comprise the iconic film studio and the HBO Max streaming platform, all through an agreement valued at $72 billion. The acquisition is the result of a very competitive bidding process involving Paramount Skydance and Comcast, the latter of which were both hoping to win Warner Bros.'s precious entertainment assets.

The deal is a mix of cash and stock at $27.75 per WBD share, which brings the transaction to an approximate total enterprise value of $82.7 billion.

What Netflix Gains

Netflix is going to combine its platform with that of Warner Bros., whose film library is very well-known all over the world, and it includes such films as The Wizard of Oz, titanic franchises like Harry Potter and the DC Comics universe, and also the HBO Max originals like Game of Thrones and The Sopranos.

During an investor call, Netflix Co-CEO Ted Sarandos spoke about the deal:

"We are builders, not buyers, but this is a rare opportunity to expand our mission to entertain the world and bring people together through great stories. This acquisition strengthens our content library for talent, viewers, and shareholders alike."

Deal Details and Timeline

Every Warner Bros. Discovery shareholder will receive cash worth $23.25 and Netflix stock worth $4.50 per WBD share.

After the spin-off of TV networks, which is expected to happen in Q3 2026, the acquisition will be finalized in 12 to 18 months.

The boards of the two companies all approved the deal, which is still subject to regulatory and shareholder approval.

If the deal is found objectionable by regulators, Netflix will pay $5.8 billion as a breakup fee, while Warner Bros. would be liable for $2.8 billion if it chooses to pursue a different merger.

Regulatory Considerations

Due to the size of the combined Netflix and Warner Bros. streaming operation, regulators will likely give the deal a hard look. Warner Bros. Discovery had 128 million subscribers worldwide at the end of September 2025, while Netflix has over 300 million. Paramount previously complained that the sale process was rigged in favor of Netflix and thus raised antitrust concerns.

The acquisition will definitely change the face of the media as well as the streaming industry, since the combination of Netflix's global reach with Warner Bros.'s rich content library will result in a new entertainment powerhouse.