Overview
- Netflix and Warner Bros Discovery announced a definitive agreement valued at about $82.7–83 billion, with Netflix paying $27.75 per WBD share and implying roughly $72 billion excluding debt.
- The acquisition would bring HBO Max and Warner’s extensive film and TV library, including major franchises such as Harry Potter and DC, under Netflix’s control.
- Completion requires shareholder and regulatory approvals, and Warner Bros Discovery still plans to separate its streaming and studio units before closing, a split slated for completion by the third quarter of 2026.
- U.S. officials and lawmakers have voiced competition concerns, and the deal is expected to undergo close scrutiny in Washington.
- Netflix said it intends to maintain Warner’s theatrical operations but could shorten exclusivity windows, drawing warnings from cinema exhibitors and producer groups.