Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8
— Netflix (@netflix) December 5, 2025
Netflix and Warner Bros. announced that the streaming giant will will acquire Warner Bros., including its film and television studios, HBO, and HBO Max. The cash and stock transaction is valued at a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion).
The acquisition aims to unite Warner Bros.’ iconic franchises and storied libraries with Netflix’s leading entertainment service and global reach. This combination will integrate world-class assets like Game of Thrones, the DC Universe, The Sopranos, and classics such as Friends and Harry Potter, with Netflix’s existing portfolio.
The companies stated the deal will offer more choice and greater value for consumers, create more opportunities for the creative community, and strengthen the overall entertainment industry. Netflix plans to maintain Warner Bros.’ current operations, including theatrical releases.
The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, which is anticipated to be completed in Q3 2026. Netflix expects to achieve at least $2-3 billion in annual cost savings by the third year and for the deal to be accretive to GAAP earnings per share by the second year. The acquisition is subject to regulatory approvals and WBD shareholder approval.
