Netflix announced today that they will acquire Warner Bros., including its film and television studios, HBO, and HBO Max. This means Comcast’s proposal to create a new, standalone company by combining NBCUniversal, HBO, and the studios, bringing several new properties under Universal’s umbrella that could be sourced for its theme parks has fallen through.
Netflix Acquiring Warner Bros.
Warner Bros. Discovery went on sale on November 20, leading to a frenzy of bidding that Netflix ultimately won.
The transaction is valued at $27.75 per Warner Bros. Discovery share for a total equity value of $72 billion and an enterprise value of $82.7 billion.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “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.”
Other Warner Bros. properties now owned by Netflix include The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe.
“This acquisition will improve our offering and accelerate our business for decades to come,” said Greg Peters, co-CEO of Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
The transaction is expected to close in 12 to 18 months, after Discovery Global separates into a new publicly-traded company in Q3 2026. Discovery Global will include CNN, TNT Sports in the U.S., and Discovery.
Netflix plans to maintain Warner Bros.’ current operations.
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