In a seismic deal that could redefine the future of global entertainment, Netflix and Warner Bros. Discovery have announced a definitive agreement for Netflix to acquire Warner Bros. — including its legendary film and TV studios, plus HBO and HBO Max — for a staggering $82.7 billion. The acquisition is expected to close after Warner Bros. Discovery completes the spin-off of its global networks division in the third quarter of 2026.
A Mega-Merger of Two Storytelling Powerhouses
Netflix, the world’s biggest streaming platform, is about to unite with Warner Bros., a century-old storytelling icon. That means classics like The Wizard of Oz, unforgettable hits like Game of Thrones and The Sopranos, and modern favorites like Harry Potter and Friends will soon sit alongside Netflix originals like Stranger Things, Wednesday, Bridgerton and Squid Game.
“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos. “By merging Warner Bros.’ incredible library — from Casablanca and Citizen Kane to Harry Potter and Friends — with culture-shaping hits like Stranger Things and Squid Game, we’ll bring audiences more of what they love and set the stage for the next century of storytelling.”
Co-CEO Greg Peters added that the acquisition will “improve our products and accelerate our business for decades.” He emphasized Warner Bros.’ long creative legacy and said Netflix’s global reach will help bring those worlds to more people than ever before.
Warner Bros. Discovery CEO David Zaslav praised the merger as a partnership between “two of the world’s greatest storytelling companies,” adding that it will ensure Warner Bros.’ most resonant stories continue reaching audiences worldwide.
What Happens After the Deal
Netflix will retain Warner Bros.’ existing operations, including theatrical releases — a sign the iconic studio’s traditional filmmaking process isn’t going anywhere. Netflix also plans to significantly expand U.S. production and boost long-term investment in original content.
Viewers can expect a massive expansion of streaming options, as HBO, HBO Max, and the full Warner Bros. catalog are integrated into Netflix’s platform. Analysts say the merger could heat up Hollywood’s competitive landscape while allowing both companies to combine strengths at a time when the streaming industry is evolving at breakneck speed.
Netflix projects $2–3 billion in annual cost savings by year three and expects the merger to increase earnings by year two. Boards of both companies have already approved the deal, but it still requires regulatory and shareholder approval before becoming official.
If the deal closes as planned, it would be one of the most historic alliances in entertainment history — two giants coming together to build a content universe unlike anything seen before.