Netflix announced Friday that it has entered a “definitive agreement” to acquire Warner Bros. in a deal valued at roughly $83 billion, marking one of the largest entertainment mergers in history. The purchase includes Warner’s iconic film and TV studios, as well as HBO and HBO Max.
A New Streaming Powerhouse
In its statement, Netflix said the acquisition merges “innovation, global reach and best-in-class streaming” with Warner Bros.’ “century-long legacy of world-class storytelling.” Fan-favorite franchises such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix hits including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction.
What Comes Next
The transaction is expected to close after Warner Bros. Discovery completes its spin-off of the Global Networks division, Discovery Global, now slated for Q3 2026.
Netflix’s Vision
“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos. “By combining Warner Bros.’ incredible library—from 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.”
The cash-and-stock deal carries an enterprise value of $82.7 billion and an equity value of $72 billion, according to Netflix.
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