Overview
- Netflix and Warner Bros. Discovery announced a definitive deal valuing the acquired business at roughly $82.7–83 billion, or $27.75 per share.
- The purchase covers the studios and streaming operations, including HBO and HBO Max, while the linear networks are to be carved out into a separate Discovery Global entity before closing.
- Netflix prevailed over rival bids from Paramount Skydance and Comcast, moving from exclusive talks to agreement within hours, and reports say it offered a $5 billion breakup fee if regulators block the deal.
- U.S. and international competition authorities are expected to scrutinize the transaction, and industry figures including the Directors Guild of America and filmmaker James Cameron have voiced strong concerns.
- Key questions remain about whether HBO Max stays separate or is integrated into Netflix and how theatrical release strategies will evolve, with completion expected after the planned Q3 2026 spin-off.