Netflix and Warner Bros. Discovery (WBD) today announced a definitive agreement for Netflix to acquire all of Warner Bros., including its film and television studios as well as HBO and HBO Max.
Approvals pending
With the acquisition, all of Warner Bros.’ film and TV studios as well as the US television channel HBO and the streaming service HBO Max would become part of the Netflix group. This could create one of the most extensive content libraries in the world for users – from popular classics to current series hits.
Netflix plans to continue the operational business of Warner Bros. and continue to enable theatrical releases of major film productions. The HBO and HBO Max brands are to be fully integrated into the Netflix ecosystem.
The deal puts Warner Bros. Discovery’s value at $82.7 billion. For each share, shareholders will receive $23.25 in cash and an additional $4.50 worth of Netflix shares.
A key step before the change of ownership is the separation of the WBD division Discovery Global. This is expected to go public as an independent company by the third quarter of 2026, thus clearing the way for the transaction.
The boards of directors of both companies have already approved the deal. However, approval from the responsible regulatory authorities and a positive vote from WBD shareholders are still required.
Until approval is granted, both companies will operate independently of each other. Completion is expected within the next 12 to 18 months.
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