Key Points:

• Netflix will acquire Warner Bros. film studio and HBO Max in a landmark $72 billion transaction, fundamentally consolidating media power.
• The deal is contingent upon Warner Bros. Discovery’s planned corporate split in 2026, which will separate its studio assets from its cable networks.
• This unprecedented merger positions Netflix with an unbeatable content library, triggering further potential consolidation among rival media giants.

In a move that dramatically redraws the media landscape, Netflix has announced a definitive agreement to acquire the storied Warner Bros. film studio and its HBO Max streaming service in a monumental deal valued at $72 billion.

The agreement, unveiled Friday, marks a seismic shift in the entertainment industry, pairing the dominant global streaming platform with one of Hollywood’s most legendary content libraries.

This acquisition includes iconic franchises from Harry Potter to the DC Universe, alongside premium HBO series like “Game of Thrones,” granting Netflix an unprecedented arsenal of intellectual property.

The transaction is structured to follow Warner Bros. Discovery’s strategic plan to separate into two distinct public companies by mid-2026. Upon the completion of this corporate split, Netflix will acquire the newly formed entity housing the Warner Bros. film and television studio along with the HBO Max platform.

The remaining company, Discovery Global, will retain a vast portfolio of cable networks including CNN, TNT, and various unscripted television assets. The deal terms specify that Warner Bros. Discovery shareholders will receive a combination of cash and Netflix stock valued at $27.75 per share.

While both corporate boards have unanimously approved the agreement, final closure hinges on critical regulatory reviews and shareholder approval. This landmark consolidation sets a new precedent for the streaming era and signals intense future competition.

Industry analysts note that other major players, such as Paramount and Comcast, which had previously expressed interest in Warner Bros. Discovery assets, may now be compelled to pursue alternative mega-mergers to compete. The acquisition not only grants Netflix a deep historical content vault but also fundamentally alters the economics of content creation and distribution for the entire sector.