Netflix has agreed to acquire Warner Bros., including its film and TV studios, HBO, and HBO Max.
The deal is valued at USD27.75 per share, with a total enterprise value of USD82.7 billion.
The acquisition will happen after Warner Bros. Discovery separates its Global Networks division (Discovery Global), expected in Q3 2026, and could close within 12–18 months.
Netflix plans to keep Warner Bros.’ operations, including theatrical releases.
Under the deal, WBD shareholders will receive USD23.25 in cash and USD4.50 in Netflix stock per share, with the stock portion adjusted based on Netflix’s share price at closing.
The combination will bring Warner Bros.’ franchises like Game of Thrones, the DC Universe, and The Wizard of Oz together with Netflix originals like Stranger Things and Money Heist.
Netflix expects USD2–3 billion in annual cost savings by year three and says the deal will increase earnings by the second year.
The transaction has been approved by the boards of both companies and requires regulatory approval and WBD shareholder approval to close.
More details will be available once regulatory approvals are completed.
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