The biggest shake-up in entertainment history just happened! In a staggering, game-changing move that completely reshapes the media landscape, Netflix and Warner Bros. Discovery announced today that they have entered into a definitive agreement. Netflix has officially acquired Warner Bros! That includes its legendary film and TV studios, HBO, and the sprawling HBO Max streaming service, Variety reports!
This deal didn’t come cheap. Netflix is shelling out a total enterprise value (including debt) of approximately $82.7 billion. This transaction is one of the largest in Hollywood history, immediately cementing Netflix as an unprecedented global entertainment superpower.
Netflix Wins the Bidding War for Hollywood’s Crown Jewels
The final announcement comes after a weeks-long bidding war that saw the streaming giant face off with big players. Netflix ultimately beat out powerful competitors like Comcast and David Ellison’s Skydance Media to secure this monumental agreement.
What exactly did Netflix buy for that astronomical price tag? They didn’t just buy a studio; they purchased a century of cinematic history. This acquisition means that iconic, culture-defining franchises will now sit under the same roof as “Stranger Things” and “Wednesday.”
- HBO: The entire prestige catalog—everything from The Sopranos and The Wire to Succession and Game of Thrones. This instantly gives Netflix the world’s highest-quality TV library.
- DC Universe: All the cinematic and television rights to Batman, Superman, Wonder Woman, and the entire DC Comics universe.
- Warner Bros. Franchises: The entire Harry Potter wizarding world, The Big Bang Theory, Friends, The Wizard of Oz, and countless other classic movies and shows.
What Happens Next? (And What Netflix Didn’t Buy)
It’s important to note that Netflix isn’t buying all of Warner Bros. Discovery. WBD will first spin off its Global Networks division—which includes assets like CNN, TNT Sports, and Discovery Channel—into a separate publicly-traded company, temporarily dubbed Discovery Global. The Netflix acquisition of the studios and HBO/HBO Max is only expected to close after that separation is completed, likely sometime in late 2026, Variety reports.
The acquisition raises significant questions about the future of the movie industry. Netflix has historically favored immediate streaming debuts, while Warner Bros. has been a cornerstone of the theatrical experience. In their official statement, Netflix attempted to calm those fears, saying they expect to “maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.” While the promise is there, the industry is holding its breath to see how long that commitment lasts.
Ultimately, this move is a huge signal: the era of fragmented streaming is changing. By combining Netflix’s massive global reach and tech-driven platform with Warner Bros.’ unmatched creative infrastructure and the enormous library, they are creating a content powerhouse the likes of which Hollywood has never seen.
