Netflix has agreed to buy the studio and streaming operations of Warner Bros. Discovery in a cash-and-stock transaction valued at $72 billion, a deal that would unite two of the most influential names in film and television. The planned acquisition would put Warner’s movie and television studio, as well as HBO, HBO Max and DC Studios, under the control of the world’s largest subscription streaming platform, while leaving cable networks such as CNN, Discovery and TNT Sports in a separate company.
Those linear channels are being grouped into Discovery Global, expected to become a stand-alone, publicly traded business around 2026 and to continue operating the legacy cable portfolio.
The agreement marks a striking milestone for Netflix, which began as a DVD-by-mail service and now seeks control of franchises ranging from “Harry Potter” and “DC” superheroes to HBO series such as “Game of Thrones.” The proposed combination would give Netflix a deeper library at a time when streaming competitors are fighting to keep subscribers and rein in spending.
Price, Structure And Assets On The Table
The offer values Warner’s streaming-and-studio company at $27.75 per share, implying a total enterprise value of about $82.7 billion, including debt. The purchase will be funded with a mix of cash and new Netflix shares. The companies expect the deal to close within 12 to 18 months, after Warner completes the spin-off of its cable operations and regulators sign off.
If completed, Netflix would gain Warner Bros. Motion Picture Group, Warner Bros. Television, HBO, HBO Max and DC Studios, along with a pipeline of films and series designed for global theatrical and streaming release.
For Warner and CEO David Zaslav, the sale is the latest chapter in a rapid consolidation cycle. Warner Bros. Discovery itself was created when WarnerMedia and Discovery merged in 2022, forming a company that combined scripted entertainment, factual programming and sports rights.
Streaming Dominance And Regulatory Questions
Merging Netflix with HBO Max would instantly create a powerful force in subscription video, drawing scrutiny from antitrust regulators in the United States and overseas. Critics warn that consolidating two major streaming platforms could reduce choice, weaken price competition and narrow the range of programming over time.
One of the sharpest objections has come from Cinema United, a trade association representing tens of thousands of movie screens worldwide. The group argues that a Netflix-Warner combination, led by a company historically focused on at-home viewing, could mean fewer exclusive theatrical releases, closures of local cinemas and job losses across the exhibition business.
Netflix has pledged to respect Warner’s existing cinema commitments, including multi-week theatrical windows for major studio titles. Although the company has experimented with limited big-screen runs for selected films, most Netflix originals still debut directly on the service. How far it will go in backing wide theatrical releases for Warner movies after the takeover is a central concern for theater operators and filmmakers.
Consolidation Wave And Industry Impact
The Netflix-Warner agreement arrives amid a broader realignment of Hollywood. Earlier in 2025, Paramount Global and Skydance Media closed an $8 billion merger to create Paramount Skydance Corporation, combining legacy broadcast networks and studios with a younger production-driven partner.
Analysts say the Warner purchase would cement Netflix as the heavyweight in global streaming, both in subscriber scale and in control of sought-after intellectual property. The company would also take on a complex integration challenge, blending its data-driven streaming model with Warner’s studio culture and theatrical slate.
Regulators are expected to examine not only the impact on U.S. consumers, but also on workers and competing services such as Disney+, Amazon Prime Video and Paramount+. One key issue will be how the combined company handles licensing: smaller streamers and broadcasters have long relied on buying rights to Warner and HBO programming, and exclusivity on a single, dominant platform could reshape that market.
Netflix has already moved into advertising-supported tiers, gaming and live events in search of new revenue. By adding Warner’s film and television assets, it is betting that greater scale, and control over world-famous franchises, is necessary to grow in a maturing streaming sector. If the transaction closes on schedule, the combined business could begin rolling out new bundled offers and release strategies worldwide in the second half of 2026, signaling another shift in how audiences access big-budget entertainment.
