Netflix has struck a deal to acquire Warner Bros.—including its film and television studios, plus its streaming assets HBO Max and HBO—in a definitive agreement announced December 5, 2025. The transaction carries a total enterprise value of roughly $82.7 billion, with an equity value of about $72 billion.
Under the terms, Warner Bros. Discovery will spin off its linear‑network assets (e.g. cable channels) into a separate publicly traded entity, allowing Netflix to focus on the core studio and streaming businesses.
The acquisition brings to Netflix one of the most storied content libraries in Hollywood — from blockbuster franchises, prestige TV, and decades of iconic film and television titles — expanding its production capabilities and positioning it as a powerhouse across both streaming and theatrical content.
If completed (the deal is still subject to regulatory and shareholder approval), this move could reshape the entertainment industry, consolidating one of its largest studios with one of its largest streaming platforms — a transformation with far‑reaching implications for consumers, creators, and competition.
