It’s official: Netflix is buying Warner Bros. in a sale worth a towering $82.7 billion.
Announced by Netflix on Friday, the two companies have reached a “definitive agreement” in which Netflix will acquire Warner Bros. and all its film and TV studios, including HBO and its streaming platform HBO Max. According to the SEC filing, the sale was “unanimously approved” by both Netflix and WBD’s boards.
The sale’s total equity value (what Netflix pays for WBD’s shares) sits at $72 billion with an enterprise value (what Netflix pays for WBD plus debt) of $82.7 billion, with Netflix valuing WBD at $27.75 per share.
Netflix landed the winning bid after WBD rejected three offers from Paramount Skydance, and a bid from Comcast to merge NBC Universal with Netflix. The landmark sale is expected to close after WBD’s Global Networks division, Discovery Global (a separate company from WBD’s Streaming and Studios, they were split in June 2025), becomes a new publicly-traded company in Q3 2026.
Next, Netflix and WBD need to have their filed agreement approved by the United States Securities and Exchange Commission (SEC).
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“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos in a press statement. “Together, we can give audiences more of what they love and help define the next century of storytelling.” Netflix co-CEO Greg Peters added that the acquisition “will improve our offering and accelerate our business for decades to come.”
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said WBD CEO and president David Zaslav in a statement.
What does this mean for your streaming services?
Essentially, the Netflix/WBD deal means the same streamer that owns mega hits Stranger Things and KPop Demon Hunters will also own HBO’s library, including the Game of Thrones and Harry Potter universes, as well as DC Comics and Warner Bros. Games. That’s a lot of IP. The deal is the biggest streaming move for Warner Bros. Discovery since it merged HBO Max with Discovery+ in 2023.
In its release, Netflix said it “expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.” But probably more relevant to your personal streaming habits, the company described the titles of HBO and HBO Max as “a compelling, complementary offering” for Netflix customers, which sounds like we’ll probably be seeing bundles or merged content libraries up ahead.
“By adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose,” the company said. “This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content.”
Netflix also mentions the acquisition would allow the company to expand studio production capacity and increase investment in original content.So until the SEC approves the deal, nothing will change in either of your streaming services. For now.
