Netflix Buys Warner Bros. Discovery for $72 Billion

Netflix agreed to a $72 billion deal to buy Warner Bros. Discovery (WBD). The merger would unite the streaming service pioneer with one of the biggest traditional movie and television studios.

Under the terms of the deal, WBD shareholders will receive $27.75 a share in cash and stock in Netflix for an enterprise value of approximately $82.7 billion. The deal is slated to close following the separation of Warner Bros. Discovery’s global networks division, Discovery Global, into a newly public company, which is projected to be completed in 3Q26.

Netflix stated that Discovery Global will include entertainment, sports, and news television brands worldwide, such as CNN, TNT Sports in the U.S., and Discovery, as well as free-to-air channels across Europe, along with digital products like Discovery+ and Bleacher Report. If the deal passes regulatory muster, Netflix will also own WBD’s film and television studios, HBO Max, and HBO.

Netflix co-CEO Greg Peters stated the WBD deal will improve their offering and accelerate their business for decades to come. The transaction would unite two entertainment leaders, merging Netflix’s in-house movies and series with WBD shows such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe.