Netflix is set to acquire Warner Bros. Discovery’s film and television studio and its premium streaming businesses—including HBO, HBO Max, and DC Studios—in a cash‑and‑stock transaction valued at $72 billion in equity, or $82.7 billion including debt. The offer values Warner Bros. Discovery at $27.75 per share , with closing targeted in 12–18 months following a planned spin‑off of cable networks into a separate company, “Discovery Global,” expected to complete in Q3 2026 .

Warner’s cable networks—including CNN, Discovery, and TNT Sports, plus digital brands such as Discovery+ and Bleacher Report—are excluded from the sale. The studio, HBO, HBO Max, Warner Bros. Television, Warner Bros. Motion Picture Group, and DC Studios will transfer to Netflix if regulators approve the deal.

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