Netflix has agreed to acquire Warner Bros. from Warner Bros. Discovery in a deal valued at an enterprise value of USD 82.7 billion, including USD 72 billion in equity.

The transaction will close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a standalone public company, now expected in the third quarter of 2026.

The acquisition combines Netflix’s global streaming scale with Warner Bros.’ film and television studios, HBO Max and HBO, and a catalogue of franchises that includes The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe.

Netflix said Warner Bros.’ operations will continue as they are today, including theatrical releases.

Under the terms of the agreement, WBD shareholders will receive USD 23.25 in cash and USD 4.50 in Netflix stock per share, with the stock component subject to a collar based on Netflix’s share price at closing.

The deal has been unanimously approved by both boards and remains subject to regulatory review, shareholder approval and the completion of the Discovery Global spin-off.

Netflix expects the transaction to close within 12 to 18 months.

Ted Sarandos, co-CEO, Netflix, said, “Our mission has always been to entertain the world. By combining Warner Bros.’ incredible library of shows and movies, from timeless classics like Casablanca and Citizen Kane to modern favourites 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.” 

Greg Peters, co-CEO, Netflix, added, “This acquisition will improve our offering and accelerate our business for decades to come. Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create, giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”

David Zaslav, president and CEO, Warner Bros. Discovery, said, “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. 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.”