Netflix has announced that it will acquire Warner Bros. — including its film and television studios, plus HBO Max and HBO — in a landmark deal valued at approximately US $82.7 billion (equity value about $72.0 billion). Under the agreement, Warner Bros. Discovery shareholders will receive US $23.25 in cash and US $4.50 in Netflix stock per share.
The merger will reunite Netflix’s global streaming reach with Warner Bros.’ century‑long legacy of storytelling, bringing together massive film/TV libraries and iconic franchises under one banner. The deal is contingent on the planned spin‑off of Warner’s Global Networks division (to become a separate company, Discovery Global), expected by the third quarter of 2026, and still requires regulatory and shareholder approval.
Once completed — likely within 12 to 18 months — the acquisition could reshape the entertainment industry by combining Netflix’s streaming expertise with Warner Bros.’ rich catalogue, offering a drastically expanded selection of movies and series to global audiences.
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