Netflix agreed to buy Warner Bros. Discovery in a $72 billion deal, the streaming service announced on Friday.
Under the deal, Netflix will acquire Warner Bros. Discovery’s film and television studios and streaming platform, HBO Max. Franchises, shows and movies such as “The Big Bang Theory,” “The Sopranos,” “Game of Thrones,” “The Wizard of Oz” and the DC Universe will join Netflix’s extensive portfolio.
The cash-and-stock deal is valued at $27.75 per Warner Bros. Discovery share and has an enterprise value, is the total value of a company, including debt, of $82.7 billion. The value of Warner Bros. Discovery shares are $72 billion.
The transaction is expected to close after Warner Bros. Discovery separates its Streaming & Studios and Global Networks divisions into two separate publicly traded companies, which is now expected to be completed in the back half of 2026.
“This acquisition will improve our offering and accelerate our business for decades to come,” Netflix co-CEO Greg Peters said. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities.”
The move marks a significant move in the entertainment industry as it underpins Netflix as the most powerful distribution platform. In its latest quarter,
Netflix added a record ~18.9 million new users in Q4 2024, pushing it past the 300 million milestone — a sign that despite growing competition, it’s still expanding rapidly.
This is a developing story. Check back for updates.
