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Netflix has secured a massive $72 billion deal to buy the film and streaming businesses of Warner Bros Discovery (WBD).
The acquisition immediately positions the streaming giant as a global movie superpower, bringing franchises such as Harry Potter and Game of Thrones under the same roof as Netflix originals like Stranger Things.
The deal covers WBD’s studios and the HBO Max streaming platform. The equity value of the purchase is $72 billion, though the total enterprise value is estimated at $82.7 billion.
Netflix emerged as the successful bidder following a battle with rivals including Comcast and Paramount Skydance.
What this means for Netflix users
For subscribers, the move guarantees a gigantic influx of premium content. The merger combines Warner Bros’ century-old library, which includes classics like Casablanca and Friends, with Netflix’s modern originals.
Netflix co-chief executive Ted Sarandos said the combined library would allow them to “give audiences more of what they love and help define the next century of storytelling.”
However, the acquisition could lead to higher prices for consumers. Analysts warn that eliminating a major competitor gives Netflix significant pricing power.
The deal faces high scrutiny from competition regulators in both the United States and Europe, given Netflix is already the world’s largest streaming service. The acquisition is not expected to close until late 2026 or 2027.
Netflix estimates it will find $2–3 billion in savings by eliminating overlaps in support and technology. Meanwhile, the company promises that Warner Bros films will continue to launch in cinemas. The acquisition is a clear statement of Netflix’s intent to dominate global entertainment.
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