Netflix to Acquire Warner Bros. in $82.7 Billion Mega Deal

Netflix has officially agreed to acquire Warner Bros. after the separation of Discovery Global, in a landmark deal valued at $82.7 billion (enterprise value) and $72 billion (equity value). The deal is expected to close in the third quarter of 2026.

Key Points

• Netflix outbid Paramount Skydance and Comcast, offering $27.75 per share—higher than Paramount’s $24 bid.

• The acquisition includes Warner Bros. studios, HBO, HBO Max, and major franchises like Game of Thrones, The Sopranos, and the DC Universe.

• Discovery Global (including CNN, Discovery, TNT Sports) will become a separate company after the spin-off.

• The deal includes a $5 billion termination fee if regulators reject it.

• Netflix expects $2–3 billion annual cost savings by the third year.

• Warner Bros. Discovery shareholders will get $23.25 cash + $4.50 in Netflix stock per share.

• This move strengthens Netflix’s global content power, making it even more dominant in streaming and traditional media.