Netflix has announced that it has signed a “definitive agreement” to acquire Warner Bros., including its film and television studios, HBO Max and HBO, in a deal valued at approximately $83 billion, according to the company.
‘This acquisition brings together two pioneering entertainment businesses, combining the innovation, global reach and best-in-class streaming service of Netflix with Warner Bros.’ legacy of a century of world-class storytelling,” Netflix said in the statement released Friday morning.
“Beloved franchises, shows and movies like The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s extensive portfolio, which includes Wednesday, Money Heist, Bridgerton, Adolescent and Extraction, creating an extraordinary entertainment offering for audiences around the world,” the company continued.
The Netflix logo is seen at the Netflix Tudum Theater in Los Angeles, California, on September 14, 2022. Streaming giant Netflix will acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced in a joint statement on December 5, 2025.
Patrick T. Fallon/AFP via Getty Images
The transaction is expected to close following the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded company, which is now expected to be completed in the third quarter of 2026, Netflix said.
“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos. ‘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 even better. “Together, we can give audiences more of what they love and help define the next century of storytelling.”
The cash and stock transaction has a total enterprise value of approximately $82.7 billion and an equity value of $72 billion, Netflix said.
