Netflix has agreed to acquire the film and television studios and streaming assets of Warner Bros. Discovery (WBD) in a blockbuster transaction valued at approximately $82.7 billion in enterprise value, reshaping the global entertainment landscape, company filings and industry sources confirm.
Under the deal, Netflix will gain control of Warner Bros.’ storied film and TV studios, HBO and HBO Max, along with valuable intellectual property, including franchises such as Harry Potter, DC Comics and Game of Thrones, as well as extensive film and television libraries. The acquisition excludes WBD’s legacy linear television businesses, which will be spun off into a separate publicly traded entity called Discovery Global prior to closing.
The all-cash and stock agreement values Warner Bros. at $27.75 per share for WBD shareholders and is structured to close after regulatory and shareholder approvals, with completion expected in 12 to 18 months following the spin-off of Discovery Global.
The transaction marks one of the largest media mergers in history and comes after a competitive bidding process that saw rival offers, including a hostile $108 billion proposal from Paramount Skydance, which included additional cable and network assets. Paramount’s bid argued for a superior cash-only offer, though the WBD board maintained its support for Netflix’s proposal.
Netflix co-Chief Executive Officers Ted Sarandos and Greg Peters said in a company release that combining Netflix’s global platform with Warner Bros.’ century-long legacy of storytelling would expand consumer choice, deepen content libraries and strengthen production capabilities worldwide. The merged entity is expected to maintain Warner Bros.’ operations, including theatrical releases, while unlocking growth opportunities across streaming and studio production.
Industry analysts warned that the scale of the deal may trigger antitrust scrutiny in the U.S., Europe and other jurisdictions because of Netflix’s expanded role in global media distribution. Discussions about competition and regulatory review are expected as part of the approval process.
The agreement has had immediate market effects: WBD’s share price has risen on optimism about shareholder returns, while investors continue to weigh the long-term implications of consolidating major media and streaming assets under Netflix’s ownership.
If completed, the Netflix-Warner Bros. deal will be a defining moment in the evolution of the entertainment industry, significantly altering competitive dynamics among streaming services, studio operations and global content distribution.
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