Netflix has struck a historic agreement to purchase Warner Bros Discovery’s studios and streaming business for $72 billion, marking one of the largest entertainment acquisitions in history.
The deal, announced Friday, will give Netflix ownership of Warner Bros’ legendary film and TV assets, including blockbuster franchises such as:
Game of Thrones
DC Comics (Batman, Superman, Wonder Woman)
Harry Potter
It also includes Warner’s streaming platform HBO Max, which will be integrated into Netflix’s global service.
Background
The acquisition follows a weeks-long bidding war, with Netflix outpacing Paramount Skydance, which had offered about $24 per share for Warner Bros Discovery.
Netflix’s winning bid came in at nearly $28 per share, valuing the company at $72 billion equity and $82.7 billion enterprise value The Straits Times The Daily Star USA Today.
Warner Bros Discovery shares closed at $24.5 on Dec. 4, giving it a market value of $61 billion before the deal The Daily Star USA Today.
Implications
Industry shake-up: The acquisition consolidates two major players, further tilting Hollywood’s power balance toward Netflix.
Regulatory hurdles: Analysts warn the deal will face intense scrutiny from U.S. and global regulators, given its scale and potential impact on competition Yahoo Finance.
Content dominance: Netflix will now control Warner’s storied libraries, strengthening its position against rivals like Disney and Amazon Prime.
Strategic boost: The move comes as Netflix seeks to revive its sluggish share price and expand its content pipeline with established franchises Yahoo Finance.
What’s Next
The companies expect the deal to close in late 2026, pending regulatory approval. If successful, Netflix will become the largest entertainment company in the world by streaming subscribers and content library size.
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