Netflix to Acquire Warner Bros Discovery Studios for $72 Billion

Netflix has struck a monumental $72 billion deal to acquire the film and streaming divisions of Warner Bros Discovery, overtaking bids from Comcast and Paramount Skydance in a highly competitive race.

The acquisition brings iconic franchises such as Harry Potter, Game of Thrones, and HBO Max under Netflix’s umbrella. The combined catalogue is expected to reshape global entertainment, though the deal still requires regulatory approval.

Netflix’s Strategic Vision

Co-CEO Ted Sarandos expressed strong confidence in securing approval, saying the merger would blend Warner Bros’ century-long storytelling legacy with Netflix’s modern global reach. He highlighted the opportunity to create “the next century of storytelling.”

Co-CEO Greg Peters noted that HBO’s brand value remains significant, but specifics of how it will integrate within Netflix’s ecosystem are yet to be defined.

Financial Synergies and Operations

Netflix projects $2–3 billion in savings by removing overlapping functions. Warner Bros films will continue theatrical releases, and its TV studio will keep producing for third-party buyers. Netflix will maintain exclusive productions for its own platform.

The deal has drawn criticism from industry groups. The Writers Guild of America called for regulators to block the merger, arguing it would reduce jobs, wages, and content diversity. Cinema United warned of negative effects on cinemas worldwide.

Sarandos described the acquisition as a rare chance to secure Netflix’s long-term position, while Warner Bros CEO David Zaslav said the union would ensure global audiences continue to enjoy powerful storytelling.

Deal Structure and Approval

Valued at $27.75 per share, the agreement carries a total enterprise value of roughly $82.7 billion. Both companies’ boards have unanimously approved the transaction.

Before the handover, Warner Bros will divide its operations into two entities: Discovery Global, housing its cable and European networks, and a separate streaming-and-studios business destined for Netflix. TNT Sports International will remain with the division being sold.