Netflix announced on Friday that it has entered into a “definitive agreement” to acquire Warner Bros., including its film and television studios as well as HBO and HBO Max, in a transaction valued at approximately $83 billion. According to the company, the combination represents one of the most significant entertainment mergers of the decade, bringing together two globally influential entities under a single, expansive creative ecosystem.

In its announcement, Netflix emphasized that the deal unites its innovation, global distribution scale, and market-leading streaming capabilities with Warner Bros.’ century-long legacy of world-class storytelling. The merged catalog will blend the strengths of both brands, creating a highly competitive and diversified entertainment powerhouse.

Netflix highlighted that iconic franchises and globally beloved titles — including The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe — will join its vast portfolio, featuring hits such as Wednesday, Money Heist, Bridgerton, Adolescence, and Extraction. Netflix noted that this integration will offer audiences an unprecedented breadth of content across genres, generations, and cultures.

The transaction is expected to be finalized following the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded entity. This restructuring is now anticipated to be completed in Q3 2026, after which the acquisition will officially close.

Ted Sarandos, Netflix’s co-CEO, commented:
“Our mission has always been to entertain the world. 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. Together, we can give audiences more of what they love and help define the next century of storytelling.”

Netflix confirmed that the cash-and-stock deal carries a total enterprise value of approximately $82.7 billion, with an equity value of $72 billion, marking one of the largest entertainment industry acquisitions to date.

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