Netflix to Acquire Warner Bros Discovery for $72 Billion in Historic Deal

Netflix has entered into a landmark $72 billion agreement to acquire Warner Bros Discovery’s film and TV studios, as well as its streaming unit—an industry-shifting move that would give the world’s largest streamer control of powerhouse brands including HBO, Game of Thrones, Harry Potter, and DC’s superhero franchises.

Under the proposed deal, Warner Bros Discovery shareholders will receive $27.75 per share, edging out competing bids from Paramount Skydance and Comcast after an intense multi-week bidding battle.

A Rare Opportunity, Says Netflix

Netflix Co-CEO Ted Sarandos called the acquisition a “rare opportunity” that positions the company to “entertain the world” by merging two of Hollywood’s largest content pipelines.

The deal would give Netflix direct ownership of:

• HBO and Max Originals

• Warner Bros Pictures

• DC Films

• The Wizarding World / Harry Potter franchise

• Game of Thrones universe

• Warner Animation Group and Cartoon Network Studios

• A significant film and TV library exceeding 100 years of IP

Antitrust Scrutiny Expected

Regulators in the U.S. and Europe are expected to heavily scrutinize the merger, with critics arguing the consolidation could:

• Reduce consumer choice

• Limit competition in streaming

• Strengthen Netflix’s market dominance

• Influence film distribution models

Netflix, meanwhile, maintains that the deal will expand content offerings, support U.S. production jobs, and preserve theatrical releases for major Warner Bros films.

Closing Expected in 2026

Under the cash-and-stock structure of the deal, WBD will first spin off its global networks unit in 2026. After the reorganization, the acquisition is expected to formally close.

Netflix projects up to $3 billion in annual cost savings within three years of the merger’s completion, driven by:

• Consolidated technology infrastructure

• Streamlined production pipelines

• IP integration across streaming and theatrical divisions