Netflix is set to acquire Warner Bros. studio and streaming assets in a $72 billion deal, including debt, bringing together Hollywood’s most storied film and television studio with the world’s largest streaming platform in one of the biggest entertainment deals in history.
The company announced on Friday that the cash and stock transaction is valued at $27.75 per WBD share. The deal is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded company. That process is now expected to be completed in the third quarter of 2026.
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As part of the restructuring, Netflix will take over the studios and streaming assets, while the newly formed Discovery Global entity will control CNN and WBD’s portfolio of cable networks.
The acquisition brings together two major entertainment giants, combining Netflix’s innovation and global reach with Warner Bros.’ century-long legacy of storytelling. Popular franchises and titles such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s slate, which includes Wednesday, Money Heist, Bridgerton, Adolescence and Extraction, creating a vast entertainment offering for audiences worldwide.