Netflix Reaches Definitive Deal to Acquire Warner Bros. Discovery Studios and HBO Assets for $82.7 Billion

Overview

• Netflix will pay $27.75 per WBD share in a cash-and-stock deal valuing the equity at roughly $72 billion, or about $82.7 billion including debt.
• The acquisition covers Warner’s film and TV studios, HBO/HBO Max, and gaming units, handing Netflix control of franchises such as DC, Harry Potter, and Game of Thrones plus a vast classic library.
• The transaction remains contingent on WBD completing a spin-off of its Global Networks unit (Discovery Global) before closing.
• Regulators in the U.S. and Europe are expected to scrutinize the deal, with lawmakers including Darrell Issa and Mike Lee calling for close antitrust review.
• Netflix outbid Paramount/Skydance and Comcast, as Paramount challenges the sale process, and the agreement reportedly includes a $5 billion termination fee if regulators block it.