Posted on Dec 05, 2025 / Finance

Netflix announced today that it has reached a definitive agreement to acquire Warner Bros. — including its film and TV studios, along with HBO and HBO Max — in a blockbuster deal valued at about US$82.7 billion overall (roughly US$72 billion in equity value).
The acquisition brings iconic franchises and libraries — from “Harry Potter,” “DC Comics” (Batman, Superman, etc.), to HBO’s premium content — under Netflix’s umbrella, dramatically expanding its content portfolio.
Under the terms, the legacy cable networks of Warner Bros. Discovery (like CNN, TNT, and other linear channels) will be spun off into a separate company — Discovery Global — before the deal closes, expected in mid-2026.
Netflix says this combination will merge its global reach, streaming infrastructure and production power with Warner’s century-long storytelling legacy — giving audiences access to perhaps the richest content library in Hollywood.
However, the deal is likely to prompt scrutiny from regulators in the U.S. and Europe, because it merges two of the biggest players in streaming and content production — potentially consolidating too much power in one company.
The companies say they plan to maintain theatrical releases for Warner Bros. movies — signaling that Netflix aims not just to stream, but to keep movies coming to cinemas.
If approved, the deal could mark a major shift in the entertainment industry — effectively ending the “streaming wars” by merging two of its biggest combatants into a single giant.
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