Entertainment

Netflix Agrees $72B Acquisition of Warner Bros Discovery

Published on December 5, 2025

Netflix agrees to acquire Warner Bros Discovery for $72B, merging top franchises and streaming services into the world’s largest entertainment empire

Netflix has officially agreed to acquire the film and streaming arms of Warner Bros Discovery in a landmark $72 billion (£54 billion) deal.

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The agreement, comprising cash and stock, values Warner Bros at a total enterprise value of approximately $82.7 billion, offering $27.75 per share to shareholders.

Netflix overcame strong competition from Comcast and a joint Paramount-Skydance bid after months of intense acquisition battles.

Warner Bros Discovery owns some of the world’s most successful franchises, including Harry Potter, Game of Thrones, and major DC titles, alongside the premium streaming service HBO Max.

Netflix Co-CEO Ted Sarandos said the combination would “give audiences more of what they love and help define the next century of storytelling.”

Fellow Co-CEO Greg Peters added that the merger would introduce Warner Bros shows and films to a wider global audience than ever before.

David Zaslav, President and CEO of Warner Bros Discovery, described the merger as a union of giants: “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

Before the sale, Paramount made an early bid for Warner Bros Discovery’s entire business, including cable networks such as CNN, but Warner Bros later opted to open itself up for sale.

Analysts have warned regulators in the United States may scrutinise the deal due to its scale. Emma Wall, chief investment strategist at Hargreaves Lansdown, said: “This will create a global mega power in broadcast entertainment which the regulator will want to look at.”

Tom Harrington, Head of TV at Enders Analysis, cautioned that the takeover could significantly impact Hollywood and traditional cinema: “Were it to go through, it would reorient Hollywood, with a streamer acquiring a business much of which it is existentially the antithesis of. Netflix has always had limited use for cinema but generally undermines it.”

Harrington also warned of potential cuts in film and television output, resistance from unions, and risk to HBO, previously regarded as the “creative jewel.”

Consumers might face higher streaming costs as Netflix integrates premium content and phases out HBO Max.