From a press release on Netflix’s “News” website:
HOLLYWOOD, Calif., Dec. 5, 2025 – Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
According to the aforementioned press release, Netflix will maintain Warner Bros.’ current operations and this new “combination will offer more choice and greater value for consumers, create more opportunities for the creative community and generate shareholder value”.
Given the size and influence of both companies, and the fact that Netflix stated that Warner Bros. will be maintaining its current operations, it will be interesting to see how this affects both organizations, how they’re offered to and accessed by users, and the content that they both produce.

