Los Angeles — 5 December 2025 — Netflix has confirmed a blockbuster $82.7 billion cash‑and‑stock agreement to acquire Warner Bros. Discovery’s film and television studios, including HBO, HBO Max and Warner Bros. Games — a move set to reshape the global entertainment landscape and consolidate some of Hollywood’s most valuable franchises under a single streaming giant Variety.
The deal, one of the largest media mergers in history, will proceed once Warner Bros. completes the planned spinoff of its Discovery Global television networks division, expected in the third quarter of 2026. Netflix projects the transaction will close within 12 to 18 months CBS News.
A Streaming Superpower With 400 Million Subscribers
The acquisition unites Netflix’s global subscriber base with Warner Bros. Discovery’s extensive content ecosystem, creating a combined audience of more than 400 million across platforms. The deal hands Netflix control of major franchises including DC Comics, Game of Thrones, Harry Potter, Looney Tunes, and HBO’s entire prestige catalogue — from The Sopranos to Succession MacRumors.
The agreement values Warner Bros. Discovery at $72 billion in equity, with each shareholder receiving $23.25 in cash and $4.50 in Netflix stock per share Pedestrian TV. Netflix expects $2–3 billion in annual cost savings by the third year following integration.
Regulatory Scrutiny Looms
Given its scale, the merger is expected to face intense antitrust scrutiny in both the United States and Europe, where regulators have increasingly focused on market concentration in digital media and streaming. Industry analysts say the deal could trigger a new wave of consolidation as competitors reassess their long‑term strategies Radio Times.
A Defining Power Play in the Streaming Wars
By absorbing Warner Bros.’ studios and HBO’s premium library, Netflix significantly reduces its reliance on external content suppliers and strengthens its position against rivals such as Disney, Amazon and Apple. The acquisition also preserves Warner Bros.’ theatrical distribution arm and maintains HBO Max as a standalone service in the near term About Netflix.
Industry observers say the move represents the most aggressive strategic shift in Netflix’s history — one that could redefine the competitive dynamics of global streaming for years to come.
Netflix Hq Picture by Abhishek Navlakha on pexels
