Netflix Buys Warner Bros Discovery, HBO in Industry-Rocking Deal

Netflix is officially buying Warner Bros. Discovery. According to Deadline, the deal is for a total enterprise value of $82.7 billion. Netflix is paying $27.75 a share for Warner Bros, with a total value of $72 billion. Netflix will acquire its film and television studios, HBO Max and HBO. This is all subject to regulatory conditions.

Discovery Global, WBD’s global networks division, is expected to branch into a new publicly-traded company in quarter three of 2026. After that, the Netflix purchase will be finalized. 

“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies — from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends — with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”

Netflix beat Paramount and Comcast to buy Warner Bros Discovery. The boards of both Netflix and WBD voted to approve the deal “unanimously.”

“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

This acquisition combines Netflix’s global reach and high-quality streaming service with Warner Bros.’ extensive library, which includes franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones and The Wizard of Oz.