Netflix will buy Warner Bros. Discovery’s core assets in a $72 billion deal, ending a fierce bidding process that also involved Paramount–Skydance and Comcast. The transaction includes the acquisition of Warner Bros. film studios and the HBO Max streaming service.
Warner Bros. Discovery will move forward with plans to spin off Discovery Global, which includes pay-TV networks such as CNN and TNT. The merger agreement unites streaming giant Netflix with one of the most influential Hollywood studios.
Netflix said the combination of Warner Bros. and HBO Max content with Netflix’s original catalog will strengthen its position as a global entertainment leader. The company’s management described it as a strategic move to dominate the space for the next generation.
WBD shareholders will receive a combination of cash and Netflix shares for each share they own. The transaction is expected to close within 12–18 months after the Discovery Global spin-off is completed, which is targeted for the third quarter of 2026.
The deal was unanimously approved by both boards of directors but is still subject to regulatory approval. Netflix agreed to pay a $5.8 billion breakup fee if the deal falls through, while WBD will pay $2.8 billion if it withdraws.
