Netflix to acquire Warner Bros. for $82.7 billion — the entertainment world will never be the same

The cash-and-stock transaction values WBD at $27.75 per share, subject to a collar, with a total enterprise value of approximately $82.7 billion and an equity value of $72 billion.

The deal is expected to close after the planned separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded company in Q3 2026.

The acquisition brings together two of the entertainment industry's most influential powerhouses—Netflix’s global streaming dominance and Warner Bros.’ century-long legacy of film and television storytelling.

If approved, the merger will unite an expansive roster of celebrated franchises on a single platform. Warner Bros.’ library—including The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe—will join Netflix’s slate spanning Wednesday, Money Heist, Bridgerton, Squid Game, and Extraction.

“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles, we’ll be able to do that even better.”

Greg Peters, Netflix’s co-CEO, said the deal would strengthen the company’s long-term outlook. “With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans, and creating more value for shareholders.”

WBD President and CEO David Zaslav said the merger represents a natural evolution in global entertainment. “For more than a century, Warner Bros. has thrilled audiences and shaped culture. By coming together with Netflix, we will ensure people everywhere continue to enjoy the world’s most resonant stories for generations to come.”

The announcement marks a major turning point in the streaming landscape, setting the stage for significant consolidation in Hollywood as companies compete for global audiences and long-term profitability. Regulatory approval and industry reactions are expected to shape the merger's next phase, with analysts forecasting intense scrutiny due to the scale of the deal.