On December 5, 2025, Netflix announced an agreement to acquire Warner Bros. from Warner Bros. Discovery (WBD) at a total enterprise value of $82.7 billion (equity value of $72 billion). The transaction includes cash and stock, at a price of $27.75 per WBD share, and is expected to close within 12-18 months after the separation of Discovery Global.
The acquisition will combine the Netflix streaming platform with the legendary film and television studios of Warner Bros., including HBO, HBO Max and iconic franchises such as „Game of Thrones,” „The Wizard of Oz” and the DC Universe. Netflix plans to maintain Warner Bros.’ ongoing operations, including theatrical releases.
The merger’s benefits include greater content diversity for viewers, new opportunities for creators and cost savings of $2-3 billion per year by the third year after the transaction. Ted Sarandos, co-CEO of Netflix, stressed that the combination will allow it to better define culture through iconic titles.
The announcement drew mixed reactions on social media, where users expressed concerns about the future of cinema and potential subscription price increases.
