After much speculation regarding the future of Warner Bros. Discovery in recent months, including the possibility of a merger with competitor Paramount, all of this came to light following the announcement by Warner Bros. Discovery in June 2025. They announced plans to separate their Streaming & Studios and Global Networks divisions into two separate publicly traded companies. In the last few weeks, the discussions turned to a possible deal with Netflix, and they aren’t just discussions anymore.
Today, Netflix, Inc. and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
A newly separated publicly traded company holding the Global Networks division, Discovery Global, will include premier entertainment, sports, and news television brands around the world, including CNN, TNT Sports in the U.S., Discovery free-to-air channels across Europe, and digital products such as Discovery+ and Bleacher Report.
While Netflix takes control of Warner Bros and its other entertainment assets, of course, for some, this will raise anti-trust concerns, so at this stage, nothing is 100% guaranteed. I’m sure regulators will have a long, hard look at this proposed acquisition; however, if we assume that the deal gets passed by all the relevant authorities. What exactly is Netflix acquiring here, and what could it mean for future content?
Well, acquiring Warner Bros. Studios, HBO Max, and HBO from WBD means beloved 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.
On one hand, this could mean more widespread access to WBD content in regions where it’s currently hard to find. Which, as a viewer and consumer of content, is never a bad thing.
However, this deal also represents another condensing of assets under one roof, and a single company having so much control over such a vast amount of beloved properties rarely turns out well. I hope Netflix can prove to be the exception to this rule.
The final question I have right now, which doesn’t seem to have been made clear in the press release about this deal. How will this affect Warner Bros Games division, and what does it mean for the studios under that banner? Of course, Netflix will own them, but what are their plans? I’m sure we will find out soon enough, and as soon as we get more information, we will share it with you.
For more information about Netflix’s acquisition of Warner Bros, you can read the official press release here.
Source: Official Press Release From Netflix
