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Netflix has reached a definitive agreement to acquire Warner Bros., including its storied film and television studios as well as HBO and HBO Max, in a colossal deal valued at approximately $82.7 billion. The announcement follows an intense bidding war that drew in major competitors and sparked debate across the entertainment industry.
Netflix confirmed Friday that the acquisition will fold some of the most iconic franchises in entertainment history, ranging from Harry Potter and Game of Thrones to DC's film universe, into the same portfolio that houses global streaming hits like Stranger Things and Squid Game. According to the company, the merger is designed not only to expand content offerings but also to preserve Warner Bros.' longstanding identity as a theatrical powerhouse. Netflix pledged to continue the studio's big-screen releases, a move aimed at calming fears that the deal could undercut movie theaters worldwide.
"Our mission has always been to entertain the world," said Netflix co-CEO Ted Sarandos, who framed the merger as a rare alignment of legacy and innovation. By marrying Warner Bros.' extensive library of classics and contemporary blockbusters with Netflix's global platform, Sarandos said the combined company hopes to "help define the next century of storytelling."
Greg Peters, Netflix's co-CEO, echoed that sentiment, describing the acquisition as a leap toward giving viewers more choice while expanding opportunities for creative talent. Warner Bros. Discovery CEO David Zaslav called the merger a union of "two of the greatest storytelling companies ever built," promising that together they will bring beloved stories to an even broader audience.
The deal arrives with expected regulatory scrutiny, particularly in the U.S. and Europe, where lawmakers and industry groups have already voiced concerns about market consolidation. Nonetheless, Netflix emphasized that the merger will boost American production, expand spending on original content, and generate between $2 billion and $3 billion in annual cost savings within three years.
