December 05, (THEWILL) — Netflix has reached a major agreement to acquire Warner Bros Discovery’s film and TV studios, including HBO and HBO Max, in a deal worth $72 billion in equity and about $82.7 billion in total value.
The streaming company beat rival bids from Comcast and Paramount Skydance to secure the top position.
The agreement, announced on Friday, December 5, 2025, is Netflix’s largest acquisition to date and is expected to reshape the entertainment industry.
The move gives Netflix control of some of Hollywood’s most popular franchises, from Harry Potter and the DC Universe to Game of Thrones, along with a century of Warner Bros classics.
Calling it a “big day,” Netflix co-CEO Ted Sarandos said the merger will combine Warner Bros’ historic library with Netflix’s global streaming powerhouse.
“Our mission has always been to entertain the world….Together, we can give audiences more of what they love and help define the next century of storytelling.” Sarandos said
Warner Bros Discovery CEO David Zaslav called the deal a union of two top entertainment companies and said it will ensure audiences worldwide continue to enjoy Warner Bros’ stories “for generations to come.”
Netflix says the acquisition will expand its studio production capacity and increase investment in original content, strengthening the company’s global output across film and television.
The takeover will be completed once Warner Bros separates its streaming and studio operations from its global networks division, which includes CNN, sports channels, and European free-to-air networks, into two publicly traded companies next year.
If approved by regulators, the deal will make Netflix both the world’s largest streaming service and one of its most powerful studios, with unmatched production and distribution reach.
Evi Ben Ezaga writes on entertainment, culture, and trending stories.
