Netflix has revealed plans to acquire Warner Bros in a deal valued at $82.7B, marking one of the most consequential transactions in modern media.
The agreement includes both HBO Max and HBO’s production studio, instantly positioning Netflix as the clear heavyweight in scripted entertainment and franchise IP.
Expanding Netflix’s Content Powerhouse
Through the acquisition, Netflix gains ownership of globally recognised franchises including DC, “Game of Thrones” and “Harry Potter.” The move dramatically widens its content advantage at a time when its subscriber base surpassed 300M earlier this year.
In comparison, HBO Max combined with Discovery+ counts around 128M subscribers, underscoring the scale of Netflix’s dominance heading into the merger. The streaming platform is committing $72B in cash and stock to close the deal, a figure significantly higher than Warner Bros Discovery’s market valuation of roughly $60B.
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Rising Political And Antitrust Pressure
Despite its scale, the deal faces substantial regulatory scrutiny. Senators Elizabeth Warren, Bernie Sanders and Richard Blumenthal previously warned the Justice Department that any sale of Warner Bros Discovery could be viewed “under a cloud of political favoritism and corruption.”
Industry reaction has also intensified. Variety reports that an anonymous coalition submitted a letter to Congress urging lawmakers to oppose Netflix’s bid.
A Company Motivated By Debt And Slow Streaming Growth
Warner Bros Discovery formally began seeking buyers in October after continued struggles with debt and slower than expected performance in streaming. Multiple companies expressed early interest, with Paramount widely viewed as the likely acquirer before Netflix’s proposal emerged.
Timeline For Completion
The transaction is expected to close in Q3 2026 following Warner Bros Discovery’s spin off of Discovery Global, which contains its cable brands including TNT and CNN. Both companies anticipate that the cash and stock merger will be finalised within 12 to 18 months, pending regulatory approval.
About Warner Bros Discovery
Warner Bros Discovery is a global media and entertainment group spanning film, television, news and streaming. Its portfolio includes Warner Bros Pictures, HBO, Discovery, CNN and DC.
About Netflix
Netflix is the world’s leading streaming entertainment service, offering films, series and live events to more than 300M paying members across more than 190 countries. The company is expanding aggressively in content, gaming and live programming.
