Netflix has finalized a major USD 72 billion deal to acquire Warner Bros Discovery’s studio and streaming businesses, marking one of the entertainment industry’s largest-ever mergers.
Announced Friday, the agreement would place Warner’s extensive film and television assets—including HBO Max and DC Studios—under Netflix’s growing global content empire. Warner Bros, long considered a pillar of Hollywood, brings a rich library, powerful franchises, and established production capabilities.
For Netflix, which has evolved into a streaming giant known for hits like Stranger Things and Squid Game, the acquisition represents a strategic expansion that strengthens its content pipeline and competitive edge. The deal also highlights Netflix’s shift from relying on third-party licensing to owning major legacy studios outright.
The cash-and-stock offer values Warner at USD 27.75 per share, giving the company an enterprise value of around USD 82.7 billion. The transaction is expected to close in the third quarter of 2026, after Warner completes the planned spin-off of Discovery Global into a separate publicly traded company. (PTI)
