Los Angeles: Netflix has struck an $82.7bn deal to acquire Warner Bros Discovery, to significantly redraw the landscape of global film and television as the world’s largest streaming platform absorbs one of Hollywood’s most influential studios.
The agreement gives Netflix control of Warner Bros studios and HBO, along with a vast television archive that includes major franchises and long-running hits.
The acquisition brings iconic brands such as Harry Potter, Batman, Superman, and some of television’s most influential series under Netflix’s umbrella. It also secures rights to shows like Friends and The Big Bang Theory, adding considerable strength to Netflix’s library at a time of fierce streaming competition.
The deal values Warner Bros Discovery at $72bn excluding debt. It will close once the company completes a planned spin-off of its cable networks, including CNN, TBS, and TNT, expected by the third quarter of next year. Netflix will, however, gain control of TNT Sports UK & Ireland, which holds rights to Premier League and Champions League football as well as major rugby competitions.
Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8
— Netflix (@netflix) December 5, 2025
Netflix has offered a breakup fee if regulators block the deal, while Warner Bros Discovery would pay a smaller fee if it delays or withdraws from the agreement. The takeover follows a competitive bidding process involving Paramount Skydance and Comcast, both of which had sought to secure Warner Bros Discovery’s valuable portfolio.
The combined company would unite two of the biggest streaming platforms in the United States, raising concerns over market dominance and pricing power. Netflix expects the deal to generate up to $3bn in annual savings within three years of completion. Warner Bros Discovery has secured its film release plans through 2029, meaning all existing commitments will remain in place regardless of new ownership.
The sale process has not been without controversy. Paramount argued that its offer would have faced fewer regulatory hurdles and accused Warner Bros Discovery of running an unfair auction. The company claimed that internal conflicts and leadership considerations had shaped the result. Industry insiders say the competition was intense, especially as Paramount had recently completed its merger with Skydance.
Warner Bros Discovery officially put itself on the market in October after gauging interest from several potential buyers. For Netflix, the acquisition represents a dramatic expansion of its content base and a strategic attempt to reinforce its position as the dominant global entertainment company.
