Official: Netflix To Buy Warner Brothers & HBO Max In Landmark Deal Worth $82.7 Billion

After a night of speculation that Netflix had won the battle to secure ownership of Warner Bros Discovery, this morning it has been made official, via Variety, that the streamer will purchase Warner Bros., including its film and television studios, HBO Max and HBO.

The landmark deal has ” a total enterprise value (including debt) of approximately $82.7 billion, with an equity value of $72 billion”, the companies said. The deal means David Ellison’s Paramount Skydance and Comcast lost in the bidding war, which has been going on for weeks.

The cash and stock transaction is valued at $27.75 per share of WBD. The deal is “expected to close after the previously announced separation of WBD’s TV networks division, Discovery Global, into a new publicly traded company, which is now expected to be completed in the third quarter of 2026.”

According to the companies, “This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as ‘The Big Bang Theory,’ ‘The Sopranos,’ ‘Game of Thrones,’ ‘The Wizard of Oz’ and the DC Universe will join Netflix’s extensive portfolio including ‘Wednesday,’ ‘Money Heist,’ ‘Bridgerton,’ ‘Adolescence’ and ‘Extraction,’ creating an extraordinary entertainment offering for audiences worldwide.”

“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix, in a statement. “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.”

Greg Peters, co-CEO of Netflix, added: “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.”

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Scott J. Davis

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Newly appointed Editor of The People's Movies at the start of 2025, Scott has over 13 years of experience as a film writer and critic, writing for such sites as Digital Spy, Sci-Fi Now, Yahoo Movies UK, Flickering Myth and more. He has also been a interviewer and red carpet reporter for HeyUGuys since 2016, where he has attended hundreds of junkets and premieres, interviewing a range of talent from Tom Cruise, Denzel Washington, Jennifer Lawrence, Samuel L. Jackson, Guillermo del Toro, Martin Scorsese, Jim Carrey, Emily Blunt and many more.

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