On December 5, 2025, Netflix announced it will acquire Warner Bros. Discovery’s film and television studios plus its streaming business in a blockbuster deal valued at approximately US$82.7 billion in enterprise value (about US$72 billion in equity value). The agreement sets the share price at about US$27.75 per WBD stock. This move effectively combines two of Hollywood’s biggest content powerhouses under one roof.
Under the deal, Netflix will gain ownership of Warner Bros.’ storied film and TV production operations — including its major studios, distribution arms, and global licensing divisions. Also included are the streaming assets and library of HBO Max, as well as content from DC Studios/DC Entertainment, giving Netflix access to some of the most valuable franchises and intellectual property in modern entertainment. Meanwhile, WBD’s cable and news networks — including channels like CNN, TNT and TBS — are excluded, and will remain under a separate entity (historically referred to as the “Global Networks” or “Discovery Global” unit).
That said, the merger has already triggered warnings from industry insiders, regulators, and theater groups. Critics argue that bringing together Netflix’s streaming dominance with Warner Bros.’ deep content catalog could substantially reduce competition in Hollywood, with potential negative effects on consumer choice and theatrical distribution. In response, Netflix maintains the acquisition could benefit consumers — for example by offering bundled access to its service and HBO Max, which might lower subscription costs relative to keeping both services separate.
In short: the deal — once completed — will transform Netflix into perhaps the largest entertainment conglomerate in the streaming era, combining vast movie and TV libraries, production infrastructure, distribution networks, and blockbuster franchises. The acquisition represents a bold shift in the media landscape that could reshape how content is produced, distributed, and consumed around the world.
