Netflix to buy Warner Bros. Discovery for almost $83 billion

With the deal, Netflix will take over a huge movie catalog and the prestigious streaming service HBO Max. This is the largest acquisition in the entertainment sector since Disney bought Fox for $71 billion in 2019.

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Williams Perdomo

5 de diciembre, 2025

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Streaming giant Netflix will buy film and television studio Warner Bros Discovery for nearly $83 billion. This was announced by both companies on Friday in a joint statement.

With the deal, Netflix will take over a huge catalog of movies and the prestigious streaming service HBO Max. It is the biggest acquisition in the entertainment sector since Disney bought Fox for $71 billion in 2019.

"Our mission has always been to entertain the world," said Ted Sarandos, co-CEO of Netflix.

Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8
— Netflix (@netflix) December 5, 2025

"By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like 'Harry Potter and Friends'—with our culture-defining titles like 'Stranger Things,' 'KPop Demon Hunters' and 'Squid Game,' we'll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling," he added.

Economy

Warner Bros. Discovery to split into two companies

Williams Perdomo

The agreement

Under the terms of the deal, each WBD shareholder will receive $23.25 in cash and $4.50 in Netflix common stock for each outstanding share of WBD common stock at the closing of the transaction. The transaction values Warner Bros. Discovery at $27.75 per share, implying a total equity value of approximately $72 billion and an enterprise value of approximately $82.7 billion.

In that regard, the release explained that the transaction was unanimously approved by the Boards of Directors of Netflix and WBD. In addition to the completion of the separation of Discovery Global (WBD's Global Networks division), the completion of the transaction is subject to required regulatory approvals, WBD shareholder approval and other customary closing conditions. The transaction is expected to close within 12 to 18 months.