Netflix and Warner Bros. Discovery (WBD) announced on December 5, 2025, that they have signed a definitive agreement under which Netflix will acquire Warner Bros., including its film & television studios, HBO Max, HBO, and the rest of its streaming and production assets. The deal carries an enterprise value of approximately $82.7 billion (equity value around $72.0 billion).
Under the terms, shareholders of Warner Bros. Discovery will receive cash plus Netflix stock per share, while WBD’s legacy cable networks (e.g. linear-TV channels) will spin off into a separate entity, expected to become independent by Q3 2026.
If completed, the merger will bring some of the most iconic franchises and shows in entertainment history under one roof, including Game of Thrones, The Big Bang Theory, The Sopranos, the DC Universe, and more — vastly expanding Netflix’s catalogue and global streaming power.
While executives from both sides described the move as a historic union of storytelling power and streaming reach, critics and industry observers raised concerns over potential antitrust issues and market dominance — a matter expected to draw regulatory scrutiny before final approval.
The transaction is slated to close within 12–18 months, after formal separation of WBD’s cable assets and pending regulatory clearance. Netflix says it plans to keep Warner Bros.’ operations running, ensuring both legacy franchises and new content production continue under the merged company.