Netflix Announces Definitive Agreement to Acquire Warner Bros.; Transaction Values Combined Business at $82.7 Billion
Netflix and Warner Bros. Discovery announce a definitive agreement for a combined entertainment business valued at $82.7B, pending regulatory.
Netflix Announces Definitive Agreement to Acquire Warner Bros.; Transaction Values Combined Business at $82.7 Billion HOLLYWOOD, Calif. Dec. 5, 2025: In a landmark deal that reshapes the global entertainment landscape, Netflix and Warner Bros. Discovery (WBD) have announced a definitive agreement under which Netflix will acquire Warner Bros., consolidating storied film and television libraries, premium pay television assets and streaming properties in a single entertainment platform. The parties said the transaction carries an enterprise value of approximately $82.7 billion (equity value of roughly $72.0 billion). The combination brings together Warner Bros.’ century-spanning catalogue from classic cinema to modern hit franchises with Netflix’s subscriber scale, distribution infrastructure and streaming-first business model. If completed, the deal would unite theatrical studios, premium television brands including HBO and HBO Max (the latter currently a major streaming service under WBD), and Netflix’s global streaming operation under one corporate roof. Deal structure, valuation and timing Under the te…
