Overview
- Netflix signed a definitive agreement to buy Warner Bros. Discovery’s studios and streaming operations, including HBO and HBO Max, in a deal valued around $82.7–83 billion in enterprise value.
- WBD shareholders are slated to receive roughly $27.75 per share in a mix of cash and Netflix stock, transferring major franchises such as DC and Harry Potter along with HBO’s catalog.
- Netflix prevailed in a competitive auction over Paramount Skydance and Comcast, following weeks of intensified bidding for the Hollywood assets.
- The U.S. Justice Department is reported to be preparing a broad antitrust investigation, the Trump administration has expressed skepticism, and closing is targeted in 12–18 months pending regulatory and shareholder approvals.
- The agreement includes steep break fees ($5.8 billion if Netflix walks away and $2.8 billion for WBD in certain scenarios), and Netflix has pledged to honor Warner’s wide theatrical releases through 2029 as industry figures voice concerns about cultural and market impact.