HOLLYWOOD, Calif., Dec. 5, 2025 — Netflix and Warner Bros. Discovery (WBD) have announced a landmark agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO, and HBO Max, in a deal valued at $82.7 billion. The transaction, which combines cash and stock, represents an equity value of approximately $72 billion and values each WBD share at $27.75.

The acquisition will take place following the planned separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded company, expected by Q3 2026.

The deal unites Netflix’s global streaming reach and innovative platform with Warner Bros.’ century-long legacy of storytelling. Iconic franchises and shows—including The Big Bang Theory , The Sopranos , Game of Thrones ,

See Full Page