Netflix has announced its plans to acquire Warner Bros. Discovery’s studio and streaming assets in a massive $82.7 billion (including debt) cash-and-stock deal, expected to close after Warner Bros. Discovery spins off its cable unit by Q3 2026.

Cable channels like CNN, TNT, and Discovery will become a separate publicly traded company, not included in the Netflix acquisition.

The big picture: The deal will create a new streaming powerhouse, combining Netflix’s 300 million+ subscribers with Warner Bros. Discovery’s extensive film and TV catalog, including franchises like “Friends,” “Game of Thrones,” “Casablanca” and “The Wizard of Oz.” • This marks Netflix’s largest-ever acquisition and shakes up Hollywood—adding to the shift powered by tech companies, following Amazon’s 2022 purchase o

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