Netflix Makes Historic $83 Billion Deal To Acquire Warner Bros.
The streaming giant’s acquisition of Warner Bros. Discovery’s studio and HBO Max marks a major shift in Hollywood.
Netflix announced Friday that it has entered a landmark agreement to acquire the bulk of Warner Bros. Discovery’s film and television operations—including the storied Warner Bros. studio and streaming platform HBO Max—in a megadeal valued at $82.7 billion.
The agreement concludes a weeks-long bidding war that saw Paramount–Skydance and Comcast each attempt to snag the century-old studio. Under the deal’s structure, Warner Bros. Discovery will first spin off its cable assets—including CNN, TNT, and Discovery—into a separate public company before the acquisition closes, a process expected to wrap by late 2026.
For Netflix, already the world’s largest paid streaming service with over 300 million subscribers, the purchase represents a dramatic expansion of its empire. Combining with Warner Bros.’ powerhouse franchises and HBO’s programming would create a streaming hub with unprecedented leverage across theaters and the media.
The move also underscores tech’s full takeover of Hollywood. Amazon paved the way with its 2022 MGM acquisition, but Netflix’s cash-heavy offer signals a new era. Notably, Netflix has pledged to maintain theatrical releases for Warner Bros. films, a shift for a company long associated with at-home viewing dominance.
Once finalized, the merger is poised to reshape the streaming landscape and likely set off a fresh wave of consolidation as smaller studios race to keep up.
