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HOLLYWOOD, California — December 5, 2025. Netflix announced this Friday the acquisition of Warner Bros. and its powerful audiovisual assets —including film and television studios, HBO, and HBO Max— in a deal valued at $82.7 billion, making it the largest purchase in entertainment history.
The agreement, which will be finalized after the separation of Discovery Global (the international channels and sports division of Warner Bros. Discovery), will bring together two giants of the industry into a single company with a catalog that ranges from classics like Casablanca and The Wizard of Oz to modern franchises such as Harry Potter, Game of Thrones, and The Big Bang Theory.
Netflix will maintain the current operations of Warner Bros. and plans to continue releasing films in theaters, while incorporating the catalog of HBO and HBO Max into its platform. This will provide subscribers with access to one of the largest and most valuable libraries in the audiovisual world.
“Our mission has always been to entertain the world. By joining forces with Warner Bros., we will be able to do it even better,” said Ted Sarandos, co-CEO of Netflix. “Together, we will provide viewers with more of what they love and help define the next century of entertainment.”
The agreement was unanimously approved by the boards of directors of both companies and still needs to receive the green light from regulators and Warner Bros. Discovery's shareholders. The operation is expected to be finalized between late 2026 and early 2027.
A merger that reconfigures the global market
The purchase of Warner Bros. —valued at $27.75 per share— includes a payment of $23.25 in cash and $4.50 in Netflix stock for each share of WBD.
Netflix estimates that the merger will generate annual savings of between 2 billion and 3 billion dollars starting from the third year and will be “accretive” to earnings per share from the second year onward.
According to the company, this partnership "will create more opportunities for the creative community, strengthen the entertainment industry, and provide greater value to consumers and shareholders."
For his part, David Zaslav, president and CEO of Warner Bros. Discovery, noted that the agreement combines "two of the largest storytelling companies in the world" and will allow audiences to "continue enjoying the most influential stories for generations."
An unprecedented catalog
The integration will allow Netflix to offer iconic titles from Warner Bros., HBO, and DC Comics alongside its own hits such as Stranger Things, Money Heist, Bridgerton, and The Asunta Case. The company also plans to expand its production capacity in the United States and strengthen its investment in original content.
With this acquisition, Netflix strengthens its leadership as the world's largest entertainment platform, combining technological innovation with one of the richest libraries in the history of film and television.
Quick summary
- Netflix acquires Warner Bros. for $82.7 billion.
- Includes the studios, HBO, and HBO Max.
- It will be completed after the separation of Discovery Global in 2026.
- It will unite franchises such as Harry Potter, Game of Thrones, and Stranger Things.
- It will generate savings of up to 3 billion a year.
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