Netflix will acquire Warner Bros for $82.7 billion.
The current WBD television channels were excluded from the deal and will be separated into their own Discovery Global company. Discovery Global will become an independent, publicly listed company. Only after the split will the remaining parts of the entity transfer to Netflix ownership. The estimated timeline for completion is set for the third quarter of 2026.
As part of the acquisition, Netflix will gain the legendary Warner Bros. film studio, the rights to Warner Bros films, DC Entertainment, and of course, HBO. In HBO's case, the acquisition includes the HBO Max streaming service, all HBO content, and the HBO premium television channel.
This means Netflix will also become a company that operates a traditional premium TV channel (HBO) -- unless Netflix later decides to sell or outsource the TV channel.
Netflix states in its announcement that beloved and iconic series and films such as Harry Potter and Stranger Things will be available under the same roof once the acquisition is finalized.
The deal still requires approval from competition authorities in several countries - especially in major markets such as the United States and the European Union. Netflix is by far the largest streaming service for movies and TV shows, so regulators are expected to scrutinize the acquisition very closely.
Written by: Petteri Pyyny @ 5 Dec 2025 8:04
