Netflix to Acquire Warner Bros. Discovery in $82 Billion Deal, Reshaping Entertainment Industry
In one of the largest media acquisitions in history, Netflix has announced its agreement to acquire Warner Bros. Discovery (WBD) for a total enterprise value of approximately US $82.7 billion, including debt, with an equity value of around US $72 billion. The landmark deal combines one of the world’s largest streaming platforms with a historic Hollywood studio and premium content library.
Under the terms of the agreement, Netflix will purchase WBD’s film and television studios, its streaming platform HBO Max, and other media assets. Each WBD share will be bought for US $27.75 per share, with a “collar” structure that adjusts payments depending on Netflix’s stock performance.
The deal is contingent upon WBD spinning off its Global Networks division — which includes cable and linear TV networks — into a separate public company, tentatively called Discovery Global, expected by Q3 2026.
Netflix has stated that it will maintain Warner Bros.’ existing operations, including theatrical releases and production facilities, while integrating its extensive film and TV catalog into Netflix’s global streaming service.
The acquisition is expected to expand Netflix’s subscriber offerings with iconic franchises and a deep library of content spanning decades.
The merger is likely to have far-reaching effects on the global entertainment industry.
Analysts highlight that it could give Netflix unprecedented control over film production and streaming content, potentially reducing competition and reshaping consumer choices. Regulators in the U.S. and Europe are expected to closely scrutinize the deal over antitrust concerns, while some competitors — including Paramount and Comcast — have raised questions about the fairness of the sales process.
Supporters argue the acquisition will enable Netflix to increase production capacity, create efficiencies, and deliver more value to subscribers worldwide.
However, critics caution that the consolidation could make it harder for independent studios and content creators to compete, potentially limiting diversity in storytelling and distribution channels.
For viewers, the merger promises access to a combined library of Netflix originals, Warner Bros. films, and HBO content under a single platform. For the broader entertainment industry, it signals an accelerated shift toward streaming-first models, potentially impacting traditional television, cinemas, and legacy media formats.
As the deal moves toward final approval, industry stakeholders will be watching closely to see how the combined company balances creative output, subscriber growth, and regulatory scrutiny — a merger poised to redefine the future of global media and entertainment.
