Netflix signs definitive deal to acquire Warner Bros.

Netflix, the major video streaming service, and media company Warner Bros. Discovery (WBD) announced that they have signed a definitive agreement under which Netflix will acquire WBD's film and television production business and its streaming business, which includes HBO and HBO Max.

Netflix to Acquire Warner Bros. Following the Separation of Discovery Global for a Total Enterprise Value of $82.7 Billion (Equity Value of $72.0 Billion) - About Netflix

Regarding the acquisition, Netflix Co-CEO Ted Sarandos said, 'Our mission has always been to entertain the world. We will further enhance that by combining timeless Warner Bros. classics, from ' Casablanca ' and ' Citizen Kane ' to ' Harry Potter ' and ' Friends ', with culturally iconic Netflix titles like ' Stranger Things', 'K-Pop Girls! Demon Hunters ' and ' Squid Game .' Together, we can deliver even more of the content audiences love and help shape the next 100 years of storytelling.'

'Today's announcement brings together two of the world's greatest storytelling companies to bring more people to enjoy the entertainment they love most,' said David Zaslav, president and CEO of Warner Bros.

WBD plans to split into two separate businesses, the Studios & Streaming Business and the Global Networks Business, and list each as an independent company. Netflix will acquire the Studios & Streaming Business for $72 billion (approximately 11.8 trillion yen). The acquisition is expected to close with a listing in the third quarter of 2026.

Among WBD's businesses, CNN, TNT Sports, Discovery Channel, etc. will come under the umbrella of Discovery Global, which handles global network businesses.