Netflix, Inc. and Warner Bros. Discovery (WBD) have jointly confirmed a major acquisition agreement that will see Netflix purchase Warner Bros., including its renowned film and television studios as well as HBO and HBO Max, in a deal valued at $82.7 billion.
According to both companies, the transaction—structured as a cash-and-stock offer—places WBD shares at $27.75 each.
The merger is expected to be completed after WBD finalizes the planned spin-off of its Global Networks arm, Discovery Global, into a separately listed company by the third quarter of 2026.
Executives from the two entertainment giants said the merger will blend Netflix’s extensive worldwide streaming influence with Warner Bros.’ century-long legacy in film and television production. Iconic titles such as The Big Bang Theory, Game of Thrones, The Sopranos, The Wizard of Oz and the DC Universe franchise will eventually join Netflix originals including Wednesday, Bridgerton, Money Heist and Extraction.
Netflix co-CEO Ted Sarandos described the deal as a major step that will “help the company better entertain viewers around the world” and shape the “next century of storytelling.” He added that the combined library—featuring everything from timeless films like Casablanca to modern blockbusters like Harry Potter—will give subscribers even greater variety.
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Co-CEO Greg Peters said the acquisition will expand Netflix’s global appeal and drive long-term growth, noting that Netflix’s international footprint will introduce Warner Bros. content to new audiences while increasing shareholder value.
WBD’s CEO David Zaslav praised the agreement, calling it a unification of two major storytelling powerhouses. He said Warner Bros., which has influenced global culture for over 100 years, will be able to reach even broader audiences under the new partnership.
The development comes at a time when MultiChoice is preparing to remove 11 channels from its DStv lineup on December 31, following the expiration of its distribution deal with Warner Bros.