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Netflix Acquires Warner Bros. for $82.7 Billion: HBO Max, DC Universe, and Harry Potter Join Netflix

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Netflix Acquires Warner Bros. for $82.7 Billion

Netflix and Warner Bros. Discovery have signed a historic deal. Netflix will acquire Warner Bros. at a total enterprise valuation of $82.7 billion ($72 billion in equity value). With this acquisition, Netflix will gain Warner Bros. film and television studios, the HBO Max platform, and the HBO brand.

Deal Structure

Structured as a cash and stock transaction, Warner Bros. Discovery shareholders will receive $23.25 in cash and $4.50 worth of Netflix stock per share. The deal is expected to close in Q3 2026, following the separation of Warner Bros. Discovery’s Global Networks division (Discovery Global).

Two Massive Libraries Unite: From Harry Potter to Squid Game

This merger brings together Netflix’s global reach with Warner Bros.’ century-long storytelling legacy under one roof. For viewers, this means an unprecedented expansion in content variety.

Alongside Netflix’s hit shows like Stranger Things, Squid Game, Bridgerton, and Money Heist, Warner Bros.’ legendary franchises are joining the platform, including:

  • Iconic sitcoms like The Big Bang Theory and Friends,
  • HBO classics such as Game of Thrones and The Sopranos,
  • Cinematic masterpieces including Harry Potter, The Wizard of Oz, and Casablanca,
  • The entire DC Universe of superheroes.

Netflix co-CEO Ted Sarandos stated, “Our mission has always been to entertain the world. By combining Warner Bros.’ incredible library—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things and Squid Game, we’ll be able to do that even better.”

Industry Impact

Netflix plans to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases. The company expects the merger to generate $2-3 billion in annual cost savings by year three and to be accretive to earnings per share starting in year two.

Warner Bros. Discovery CEO David Zaslav commented, “This announcement brings together two of the world’s greatest storytelling companies to deliver even more of the entertainment people love to watch.”

Regulatory Process

The transaction requires regulatory approvals, Warner Bros. Discovery shareholder approval, and completion of the Discovery Global separation. The deal is expected to close within 12-18 months.

With this massive acquisition, Netflix is evolving beyond a streaming service to become the owner of one of Hollywood’s most established studios, aiming to merge traditional and digital media into a single powerhouse.