December 11, 2025 — Netflix has struck a definitive agreement to acquire Warner Bros.’ television, film studio and streaming assets in a transaction valued at roughly $82.7 billion, combining cash and stock to take control of one of Hollywood’s most venerable media libraries. The deal — which includes the Warner Bros. studio operations, HBO and HBO Max — would mark one of the most significant consolidations in the entertainment sector’s history if regulators approve it.
Under the terms agreed with Warner Bros. Discovery, shareholders are set to receive $27.75 per share, representing an equity valuation near $72 billion. The acquisition is planned to close once WBD completes the spin-off of its Discovery Global division and clears a slate of antitrust reviews expected to stretch into late 2026.
Netflix’s leadership says the combination will broaden its content offerings worldwide by bringing iconic franchises — from **DC Comics and Game of Thrones to HBO’s premium dramas — together with its existing global streaming footprint. The company has pledged to sustain theatrical releases and production operations under the Warner Bros. banner.
However, the high-stakes deal has provoked significant industry debate. Regulatory scrutiny is intensifying amid concerns about media concentration and diminished competition in streaming and entertainment markets. Paramount Skydance has entered the fray with a rival hostile bid, arguing its all-cash offer would face fewer antitrust obstacles and provide faster shareholder value.
The acquisition also coincides with Netflix’s efforts to finance the transaction through additional debt, raising questions about leverage and long-term strategy.
With both political and industry voices weighing in, the ultimate fate of this blockbuster deal will hinge on regulatory approval and how shareholders respond to mounting alternative proposals.
