Netflix Secures Definitive $72 Billion Deal to Acquire Warner Bros. Studio and Streaming Assets, Including HBO Max and DC Comics

In a monumental transaction set to redefine the global entertainment landscape, Netflix, Inc. today, Friday, December 5, 2025, announced it has entered into a definitive agreement to acquire the film, television studio, and streaming assets of Warner Bros. Discovery (WBD). The cash-and-stock deal, which follows an intense bidding war, carries an equity value of $72 billion, with the total enterprise value rising to approximately $82.7 billion when debt is included. The acquisition marks the largest consolidation move in media in over a decade.

Under the terms of the agreement, Netflix will take control of WBD’s most prized assets, including the century-old Warner Bros. film and television studios, HBO Max (and HBO’s production arm), and DC Studios. The deal will unify Netflix’s global reach and subscriber base (over 300 million) with Warner Bros.’ extensive library of classics and powerhouse modern franchises like Harry Potter, Game of Thrones, Friends, and The Sopranos. The acquisition signals a dramatic strategic pivot for Netflix, which has historically relied on organic growth over major corporate takeovers.

The FCT Minister and co-CEO of Netflix, Ted Sarandos, stated that the combination would “define the next century of storytelling.” However, the transaction specifically excludes WBD’s Global Networks division, which includes assets like CNN, TNT, and TBS. WBD will spin these channels off into a separate public company before the Netflix deal closes, a process now targeted for the Third Quarter of 2026. Industry analysts predict the path to finalization will face fierce antitrust scrutiny from US and European regulators, who are wary of the merger of two of the world’s largest streaming platforms. To address some concerns, Netflix has reportedly pledged to continue theatrical releases for Warner Bros.’ major studio films.