Overview
- Netflix said it reached an agreement to buy Warner Bros., HBO and HBO Max for about $82.7 billion, though some outlets reported differing figures.
- Transaction terms require Warner to complete a separation of its traditional cable operations and Discovery assets, with the split targeted for Q3 2026 before integration.
- Reuters reported Netflix offered a roughly $5.8 billion breakup fee and submitted the only fully binding final bid, with Paramount and Comcast also in the running.
- Hollywood guilds and filmmakers criticized the plan, warning of job losses and reduced competition, while cinema groups flagged risks to theatrical windows.
- Netflix said it intends to preserve Warner’s existing operations and theatrical distribution, as co-CEO Ted Sarandos defended the strategy and signaled shorter theater windows could be considered.