US EditionNetflix agrees to buy Warner Bros studio and streaming business in $83bn deal
Netflix will pay $27.75 per Warner Bros. Discovery share, aiming to expand content and production capacity while generating $2–3 billion in annual cost synergies by year three.
- On Friday, Netflix announced it acquired Warner Bros Discovery's TV, film studios and streaming division for $72 billion, combining two of the industry's biggest players.
- After a bidding war, Netflix entered exclusive talks with rival suitors Paramount, Skydance and Comcast, while Paramount may file a complaint about the bidding process.
- Agreeing $27.75 per WBD share, the cash-and-stock offer values the enterprise at approximately $82.7 billion and excludes WBD's cable networks including CNN and TNT sports channels.
- U.S. competition regulators are expected to scrutinize the deal, and Variety reported major studios fear `an institutional crisis for Hollywood` unless the move is blocked.
- With closing tied to Warner's separation, the transaction is expected to close after Discovery Global separates in Q3 2026, giving Netflix rights to Harry Potter and Game of Thrones.
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Netflix is buying Warner Bros.
The agreement also includes HBO and HBO Max.
Netflix will acquire media giant Warner Bros. Discovery, which includes HBO, CNN and the Warner Bros. film studio, for 71 billion euros. It is the largest acquisition since 2019, with which Netflix gains access to cult franchises and HBO's archive.
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