Netflix Wins Bidding War to Buy Warner Bros.

It’s official — Netflix and Warner Bros. Discovery announced Friday that the two companies had reached an agreement in which Netflix will acquire Warner Bros., bringing together two of the biggest names in streaming with one of the largest traditional media studios.

Netflix has agreed to purchase Warner Bros. film and television studios, as well as HBO and HBO Max, for $72 billion, plus debt. If the deal makes it through regulatory approvals in the U.S. and internationally, it will reshape Hollywood during a pivotal time in the industry.

Netflix said in a press release that it plans to “maintain Warner Bros.’ current operations and build on its strengths,” including theatrical releases for films. Netflix also hinted that it would keep HBO Max as its own streaming service while adding HBO and HBO Max content to its own library.

“By adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose,” the company wrote. “This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content.”

News broke Thursday evening that Netflix had entered into exclusive negotiations with WBD, surprising those who had been following rival offers from David Ellison’s Paramount Skydance and Comcast.

The deal is expected to close in the next 12 to 18 months, according to the companies, following the previously announced split of its two publicly traded halves — Warner Bros. and Discovery Global — planned to take effect in summer 2026. Netflix will then acquire the Warner Bros. half.

Netflix’s deal with WBD is contingent not only on regulatory approvals, but also on the completion of the Discovery Global split, the approval of WBD shareholders and other “customary closing conditions,” as per the companies.

“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix, in a statement. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”

“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEO of Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”

“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” added David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”