Netflix has officially announced a blockbuster agreement to acquire Warner Bros. for $82.7 billion, marking one of the biggest acquisitions in entertainment history.
The deal will be finalized after Warner Bros. completes its planned split from Discovery, which is now expected in Q3 2026. Once closed, Netflix will gain ownership of the Warner Bros. studio, HBO, HBO Max, and a massive catalog of iconic IP, including Harry Potter, Game of Thrones, and DC Comics.
Netflix co-CEO Ted Sarandos said the acquisition aligns with the company’s long-standing mission. “Our mission has always been to entertain the world,” Sarandos said. “By combining Warner Bros.’ incredible library of timeless classics and modern favorites with our culture-defining titles like Stranger Things, KPop Demon Hunters, and Squid Game, we’ll be able to do that even better.”
Reports emerged yesterday that Netflix had won the heated bidding war against major players such as Comcast and Paramount, with earlier interest also coming from Amazon and Apple. As part of the agreement, Netflix pledged a $5 billion breakup fee should regulators block the acquisition—highlighting the company’s confidence and commitment to sealing the deal.
According to Netflix, no immediate changes are planned for Warner Bros.’ operations. The company described HBO and HBO Max as “complementary offerings” to its own platform and stated it intends to maintain theatrical releases for Warner Bros. films. The acquisition notably excludes cable assets like CNN and the Discovery-branded channels, as Netflix is focusing solely on the studio and streaming side.
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