In a landmark move set to reshape the entertainment landscape, Netflix, Inc. has announced a historic acquisition of Warner Bros. Discovery, Inc. (WBD) in a deal valued at an eye-watering $82.7 billion. This cash and stock transaction is a strategic power play by Netflix, aiming to solidify its position as the world's dominant streaming service and bolster its content library with Warner Bros.'s vast array of film and television properties .
Under the terms of the agreement, Netflix will acquire Warner Bros. for $27.75 per share, which translates to an equity value of approximately $72 billion and a total enterprise value of $82.7 billion . This includes the acquisition of Warner Bros.'s film and television studios, along with their streaming platform, HBO Max, and the highly esteemed HBO brand . Warner Bros. Discovery will pay each shareholder $23.25 in cash and the remainder in Netflix stock, representing around $4.50 per share .
This acquisition is poised to significantly impact the media industry, as Netflix seeks to integrate Warner Bros.'s extensive content library and robust production capabilities into its ecosystem. The deal is expected to close following Warner Bros. Discovery's spin-off of its Discovery Global TV Networks division in the third quarter of 2026 . Despite the optimistic outlook, the announcement has sparked immediate backlash from theater owners, who view Netflix's bypassing of traditional movie theaters as a contentious issue .
