Netflix Set to Buy Warner Bros in Blockbuster Deal Exceeding $80 Billion

Netflix and Warner Bros. Discovery (WBD) have reached a definitive agreement for Netflix to acquire Warner Bros., including its film and television studios, HBO, and HBO Max.

The all-cash and stock transaction values WBD at $27.75 per share, giving the deal an enterprise value of approximately $82.7 billion.

The merger brings together Netflix’s global streaming reach and innovative platform with Warner Bros.’ century-long legacy of storytelling. Iconic franchises and shows, including The Big Bang Theory, Game of Thrones, the DC Universe, and The Wizard of Oz, will join Netflix’s catalogue of hits such as Wednesday, Bridgerton, and Money Heist.

Netflix co-CEOs Ted Sarandos and Greg Peters highlighted the opportunity to offer audiences more content, expand production, and provide greater opportunities for creative talent, while strengthening the broader entertainment industry. WBD CEO David Zaslav emphasised that the combination ensures Warner Bros.’ stories will reach more audiences worldwide.

Under the deal, WBD shareholders will receive $23.25 in cash plus 0.046 Netflix shares per WBD share, subject to a stock price collar. Completion is contingent on regulatory approvals, shareholder consent, and customary closing conditions.

The acquisition positions Netflix to enhance content offerings, expand production capacity, and drive long-term shareholder value.

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