In a blockbuster move reshaping Hollywood, Netflix has officially agreed to purchase the studios and streaming business of Warner Bros. Discovery (WBD) including its legendary film and TV studios plus HBO Max and HBO. The deal values the enterprise at roughly US$82.7 billion (equity value around US$72 billion), with WBD shareholders receiving US$27.75 per share.
Under the terms, Netflix gains access to decades-old franchises and blockbuster IP from the worlds of Harry Potter and Game of Thrones to the entire DC Comics universe uniting Warner’s storied legacy with Netflix’s 300 million+ global subscribers. Company statements say Warner Bros.’ theatrical operations will continue alongside Netflix’s streaming infrastructure, keeping movie releases alive while boosting the studio’s production and distribution muscle. Yet, the merger comes under heavy regulatory pressure. Industry bodies such as the Directors Guild of America (DGA) and various cinema-exhibition groups have already voiced serious concerns over the consolidation’s potential impact on filmmaking, creative diversity, and competition.
If regulators greenlight the transaction expected around the third quarter of 2026 after WBD spins off its cable networks Netflix will shift from being a streaming trailblazer to arguably the most powerful content creator and distributor in Hollywood’s history. For the entertainment world, this could trigger the defining antitrust battle of the streaming era.