Netflix has entered into a major entertainment agreement worth $82.7 billion, acquiring Warner Bros.’ movie and television production businesses along with HBO and HBO Max, according to Netflix’s official investor statement .
Under the terms, Warner Bros. Discovery investors will receive $23.25 in cash and $4.50 per share in Netflix stock .
The deal will move forward once Warner Bros. Discovery completes the planned separation of its Global Networks division, which will operate independently as Discovery Global .
The purchase brings Netflix control of:
Warner Bros.’ long-running film and TV studios
HBO and HBO Max streaming services, including established cinematic and original series catalogs
A vast entertainment library containing globally known franchises such as Harry Potter, DC superheroes, and Game of Thrones
This gives Netflix significant creative rights and decades of intellectual property used across screens worldwide.
Cable channels — including CNN, Discovery Channel, and TNT — are not part of the sale and remain under Discovery Global’s control .
Regulatory reviews and the Discovery Global spin-off are expected to conclude by Q3 2026, after which the acquisition completion period extends 12 to 18 months .
The agreement gives Netflix one of the largest content catalogs in the streaming sector, creating a new competitive balance in Hollywood and global media markets.
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