WASHINGTON — Warner Bros. Discovery has found its new owner.

Netflix has agreed to buy Warner Bros. Discovery, including its movie and TV studios, as well as HBO Max and HBO. The deal has a total enterprise value of $82.7 billion, with an equity value of $72 billion, according to the announcement.

The agreement puts an end to a weeks-long bidding war that included David Ellison's Paramount Skydance.

The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of approximately $82.7 billion. The transaction is expected to close after Warner separates Discovery Global into a new publicly-traded company in the third quarter of 2026.

"Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement. “By combinin

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