Netflix to acquire Warner Bros for $82.7 billion
Streaming giant Netflix has announced a definitive agreement with Warner Bros. Discovery under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
In a statement on Friday (5 December), Netflix said that the cash and stock transaction is valued at $27.75 per WBD share with a total enterprise value of approximately $82.7 billion (equity value of $72 billion).
The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
The buyout means that 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 already extensive portfolio.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix.
“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.”
This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEO of Netflix.
“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.”
