In a landmark agreement announced December 5, 2025, Netflix said it will acquire Warner Bros., including its film and TV studios, HBO, and HBO Max — in a deal valued at roughly US$82.7 billion.
Under the agreement, each shareholder of Warner Bros. Discovery (WBD) will receive US$23.25 in cash plus US$4.50 in Netflix stock per share. The merger, subject to regulatory approvals, shareholder consent, and the planned spin‑off of WBD’s cable networks division (to be called Discovery Global), is expected to close within 12 to 18 months, likely after Q3 2026.
If the deal completes, Netflix will gain control over a massive content library. This includes iconic franchises and titles from Warner Bros, from the Game of Thrones and DC‑Universe films to classics like The Wizard of Oz, along with hit series from HBO and HBO Max.
Netflix says the merger will combine its global streaming reach with Warner Bros.’ century‑long storytelling legacy, offering audiences a vastly expanded catalog and giving creators and studios a broader platform. The company argues the acquisition will create greater value for both users and shareholders.
Though the transaction has been approved by both companies’ boards, it still faces regulatory review and the spin‑off must be completed before finalization. As a result, HBO Max will remain active for now while Netflix plans long-term content integration.
