LOS ANGELES (Diya TV) — Netflix will buy Warner Bros. Discovery’s film and television studios, along with HBO and HBO Max, in a landmark $72 billion deal that could reshape the global entertainment industry.
Netflix confirmed the agreement on Friday. The company will take control of Warner Bros.’ iconic Hollywood studio and its powerful library of shows and films. The deal also includes HBO’s prestige programming and the HBO Max streaming service. It marks Netflix’s largest acquisition to date and one of the biggest media deals in history.
Warner Bros. Discovery shareholders will receive $27.75 per share. That includes $23.25 in cash and $4.50 in Netflix stock. When debt is included, the transaction carries an enterprise value of about $82.7 billion.
The deal will close after Warner Bros. Discovery completes its plan to spin off its Global Networks division into a separate public company. That new entity, Discovery Global, will operate CNN and a portfolio of cable channels. The restructuring is expected to finish in summer 2026.
Warner Bros. brings a century of hits to Netflix. The studio owns major franchises, including “Harry Potter,” DC films, “Game of Thrones,” “The Sopranos,” “Friends,” “The Big Bang Theory,” and “Casablanca.” These titles will join Netflix’s global originals such as “Stranger Things,” “Wednesday,” “Bridgerton,” and “Squid Game.”
Netflix said it will keep Warner Bros.’ film operations in place. That includes theatrical movie releases, which remain a core part of the studio’s identity. The company framed the purchase as a chance to blend Hollywood history with the world’s largest streaming platform.
“Our mission has always been to entertain the world,” Netflix co-CEO Ted Sarandos said in a statement. “Together, we can give audiences more of what they love and help define the next century of storytelling.”
The acquisition is unusual for Netflix. The company has grown by building its own titles rather than buying other studios. More than 60% of Netflix’s content assets are originals. No single title accounts for more than 1% of its total viewing.
But the streaming landscape is shifting. HBO Max, Paramount+, and Peacock are all fighting for scale in a crowded market. Analysts say that consolidation is the only way for smaller services to survive. By buying Warner Bros., Netflix prevents a rival from gaining its vast library.
Paramount, Comcast, and Netflix all submitted bids for the Warner Bros. Discovery assets. The competition grew tense. Paramount even challenged the fairness of the process in a letter earlier this week. Analysts said Paramount needed the deal the most to reach meaningful scale.
Netflix held a major advantage: cash. Its bid offered more certainty, even as all potential buyers prepared for tough regulatory review. Experts note that Netflix and Comcast will face deeper scrutiny because of their size.
The bidding could continue in the background. Paramount and Comcast may still try to challenge the agreement as regulators review the deal.
The acquisition still needs approval in the U.S. and overseas. Regulators will study how much power Netflix would gain by controlling one of Hollywood’s top studios and a major streaming service. Industry observers expect a long review period.
If the deal closes, Netflix will hold one of the richest collections of movies and shows in entertainment history. It would gain both legacy titles and new releases from one of Hollywood’s most respected studios. That could strengthen Netflix’s position as competition intensifies.
The agreement marks a turning point for streaming, studio ownership, and global entertainment. The next steps rest with regulators, investors, and a market eager to see how this deal reshapes the future of film and television.
