Netflix to Acquire Warner Bros. as Services Stay Separate During Review

Overview

• Netflix announced on December 5 that it will acquire Warner Bros., confirming the move in an official company statement.
• Netflix told users there will be no immediate changes to plans and that Netflix and HBO Max will remain separate for now.
• Reported deal values diverge, with O Globo citing about US$72 billion and O Antagonista reporting roughly US$82.7 billion.
• Completion depends on shareholder and regulatory approvals and is expected to take 12–18 months under heightened antitrust scrutiny.
• O Globo reports that Warner CEO David Zaslav could realize substantial payouts tied to change-of-control provisions, including options valued around US$420 million if the transaction closes.