Netflix to Acquire Warner Bros. and HBO in Massive $82.7 Billion Deal

Netflix has signed a definitive agreement to acquire Warner Bros., folding the storied film and TV studio, HBO, and HBO Max into its global streaming empire in a cash-and-stock deal valued at about $82.7 billion.

The transaction will take place after Warner Bros. Discovery spins off its Global Networks division into a separate public company called Discovery Global. That business will hold assets such as CNN, TNT Sports, Discovery-branded channels, and related digital properties. Once the separation is complete, Netflix expects the Warner Bros. acquisition to close within 12 to 18 months, subject to regulatory approval and shareholder votes.

For viewers, the deal promises to combine one of the biggest streaming platforms with one of Hollywood's deepest catalogs. Franchises like Game of Thrones, The Sopranos, Harry Potter, and the DC Universe will sit alongside Netflix hits such as Stranger Things and Wednesday. Netflix co-CEO Ted Sarandos says bringing the two libraries together will help the service "give audiences more of what they love" and shape "the next century of storytelling."


The agreement also reshapes the competitive landscape around Apple's newly rebranded Apple TV service. It comes after reports in October that Apple had expressed interest in acquiring Warner Bros. Discovery, even as services chief Eddy Cue recently played down the idea of buying a major studio in favor of building franchises in-house.

Netflix says it plans to keep Warner Bros.' existing operations in place and continue releasing films theatrically. Over time, the company expects to find between $2 billion and $3 billion in annual cost savings by the third year of integration, driven by efficiencies across production, marketing, and technology.

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