LOS GATOS, CA – December 5, 2025 – Netflix, Inc. officially announced a landmark agreement to acquire a significant portion of Warner Bros. Discovery’s (WBD) assets, including its famed studios, streaming division (HBO Max), and associated content libraries, in a deal valued at approximately $72 billion in equity.
The massive transaction, which aims to reshape the streaming and studio landscape, will only proceed after WBD completes a planned spin-off of its global networks into a separate, independent public company. The deal remains contingent on regulatory approvals, shareholder consent, and the completion of the spin-off, which is currently anticipated in the third quarter of 2026.
The acquisition is valued at $27.75 per WBD share. WBD shareholders are set to receive $23.25 in cash and 0.45 shares of Netflix stock for each share they own.
This offer represents a significant 121% premium over Warner Bros. Discovery’s stock price just before rumors of the acquisition began circulating.
The strategic move immediately positions Netflix as a major studio owner, integrating some of the world’s most valuable intellectual properties into its content strategy. Netflix is set to gain control of iconic franchises, including:
- DC Comics
- Harry Potter
- Game of Thrones
While the streaming giant plans to significantly boost its content library and subscriber engagement by potentially combining HBO Max with its own service, Netflix has committed to continuing traditional theatrical releases for Warner Bros. films.
Regulatory Roadblocks and Competitive Bidding
The ownership of Warner Bros. currently remains under Warner Bros. Discovery, which was formed in 2022 by the merger of WarnerMedia and Discovery, Inc., and trades publicly under the ticker WBD.
The transaction is expected to close within the next 12 to 18 months. However, it faces intense antitrust scrutiny, particularly given the market share concentration it creates. Concerns over the deal have already been voiced by figures such as President Donald Trump.
The successful bid by Netflix comes after a heated period of competitive tension. Rival entities, notably Paramount Skydance, had reportedly submitted a comprehensive bid for the entire Warner Bros. Discovery conglomerate but were ultimately outbid by Netflix, underscoring the high-stakes consolidation currently gripping Hollywood.
