Netflix is making a major move. The company announced that it will acquire Warner Bros. Discovery for $82.7 billion
This gives Netflix control of Warner Bros., HBO, and HBO Max in a cash-and-stock package valued at $72 billion in equity. It also hands Netflix franchises like DC, Game of Thrones, Harry Potter, Looney Tunes, and the full Warner Bros. film library.
Netflix also gains the full HBO brand. That includes prestige series such as The Sopranos, Succession, and The Wire, which adds weight to Netflix’s catalog.
Netflix said it plans to keep Warner Bros.’ theatrical distribution. It will also keep HBO Max running as a separate service for now, while slowly bringing HBO and Warner Bros. content into Netflix’s main platform.
Shareholder Terms and Competitive Impact
Netflix confirmed that Warner Bros. Discovery shareholders will get $23.25 in cash and $4.50 in Netflix stock per share.
The deal depends on Warner Bros. Discovery completing the planned separation of Discovery Global in the third quarter of 2026. It also needs regulatory approval, which will take 12 to 18 months.
Reports in October linked Apple to talks about buying Warner Bros. Discovery’s back catalog. With this deal confirmed by Reuters, that path is now closed. Netflix strengthens its position and puts new pressure on Apple TV and every other streaming service.
Looks like cable tv will make a come back. Can’t imagine how high subscriptions will be but it’ll be unaffordable for many