Overview
- Netflix and Warner Bros Discovery announced a definitive agreement valuing WBD at about $72 billion excluding debt, with Netflix paying $27.75 per share in a deal totaling roughly $82.7–83 billion.
- The purchase brings HBO Max and Warner’s extensive film and TV catalog, including franchises such as Harry Potter and DC, under Netflix’s umbrella.
- The companies say the transaction is subject to shareholder and multi‑jurisdictional approvals, with WBD’s planned split of its streaming and studio units targeted for completion by Q3 2026 ahead of closing.
- Netflix outbid Paramount Skydance and Comcast, and it has pledged to maintain Warner Bros’ operations, including theatrical releases, while targeting $2–3 billion in cost savings largely from general and administrative expenses.
- U.S. lawmakers and industry groups, including Senators Mike Lee and Elizabeth Warren, Cinema United and the Writers Guild of America, voiced antitrust and market‑power concerns and warned about potential effects on cinemas and consumer choice.