Netflix has announced that it’s struck a deal to acquire Warner Bros. for $82.7 billion. The purchase will go through after Warner Bros.’ planned split from Discovery, now expected to take place in Q3 2026. It will see the streamer acquire the Warner studio, both HBO and HBO Max, and access to IP including Harry Potter, Game of Thrones, and DC Comics.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies — from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends — with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better.”
Yesterday it was reported that Netflix had won the bidding war to purchase Warner Bros.’ studio and streaming assets, including HBO, DC Comics, and video game publisher Warner Bros. Games, and the final deal came together quickly. In its announcement Netflix suggests it has no immediate plans for drastic change at Warner Bros., describing HBO and HBO Max as a “compelling, complementary offering” alongside its own streaming service, and saying it will maintain the studio’s current operations “including theatrical releases for films.”
To get the deal over the line, Netflix reportedly pledged a $5 billion breakup fee in case regulators block the buyout. Netflix’s bid won out over interest from Comcast and Paramount, fresh from its own merger with Skydance, though early interest had been reported from Amazon and Apple, too.
Warner Bros. Discovery announced that it was open to an acquisition in October, months after announcing plans to split the company in two: the studio and streaming business on one side, and cable on the other. While Paramount, which had three early bids rejected, had reportedly hoped to buy both halves of the company, Netflix is focused on the studio side, and so won’t purchase cable assets including CNN and the Discovery channels.
Any deal will have to clear regulatory hurdles, with opposition already likely from the Department of Justice. And if it goes through, Netflix will have to adapt to a new role in Hollywood, running one of the largest and oldest studios, including the theatrical business it’s historically shied away from.
Update, December 5th: Netflix and Warner Bros. Discovery have now announced a deal.
