Netflix has announced an $82.7 billion agreement to acquire Warner Bros. Discovery, a move that folds HBO, HBO Max and major franchise properties such as Game of Thrones, the DC catalogue, and the Harry Potter universe into Netflix’s streaming empire.
The companies expect the transaction to be completed within 12 to 18 months, contingent on the planned spin-off of linear networks from Discovery Global, which is slated to finish in Q3 2026. Closing the deal will also require customary regulatory approvals and the consent of WBD shareholders.
Co-CEO Greg Peters said the acquisition will broaden Netflix’s slate and accelerate growth over the long term, noting Warner Bros.’ century-long role in entertainment and highlighting Netflix’s global distribution and commercial model as means to expose those properties to larger audiences.
Netflix says it will preserve Warner Bros.’ existing business practices, including theatrical film releases, while leveraging the studio’s catalogue to refine consumer offerings and increase access to content.
The company also outlined plans to expand U.S. production capacity and step up investments in original programming, arguing the deal will create more chances for creators to work with established IP and reach bigger audiences.
From a commercial perspective, Netflix expects the added content to boost subscriber engagement, attract new members and lift revenue and operating income. Observers, however, note potential downstream effects on pricing and industry dynamics, recalling how Microsoft’s acquisition of Activision Blizzard raised expectations of consumer-cost adjustments following large media deals.
If approved, the takeover would reshape the entertainment landscape by concentrating leading franchises and production muscle under Netflix’s umbrella while raising questions about competition, content access, and the future economics of streaming.
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