On December 5, 2025, Netflix announced a contract to take over Warner Bros. from Warner Bros. Discovery (WBD) for a total company value of $82.7 billion (capital value of $72 billion). The transaction includes cash and shares, with a price of US$27.75 per share of WBD, and is to be finalized within 12-18 months after the separation of Discovery Global.
The takeover will combine the Netflix streaming platform with legendary film and television studios Warner Bros. including HBO, HBO Max and iconic franchises such as "Game of Thrones", "The Wizard of Oz" or the DC universe. Netflix plans to maintain the current operations of Warner Bros., including cinema premieres.
The benefits of the merger include a greater variety of content for viewers, new opportunities for creators and cost savings of $2-3 billion a year to the third year after the transaction. Ted Sarandos, co-CEO Netflix, stressed that the combination will allow better definition of culture through iconic titles.
The announcement has met mixed reactions on social media, where users voice concerns about the future of cinema and potential increases in subscription prices.
