Netflix confirmed on Friday that it won the auction to buy Warner Bros. Discovery for $82.7 billion, making it the largest acquisition in the company’s history. According to Netflix, Warner Bros. Discovery’s total value was estimated at around $72 billion.
The agreement includes the purchase of Warner’s film and television studios, as well as HBO and HBO Max. Netflix will pay $27.75 per Warner Bros. Discovery share, and the deal is expected to be completed in the third quarter of 2026, pending regulatory approvals.
In a press statement, Netflix said it will initially keep Warner Bros. Discovery’s operations unchanged. However, new content from major franchises like Harry Potter, The Lord of the Rings, Friends, The Big Bang Theory, and Game of Thrones is expected to arrive soon on the platform.
Netflix’s Record Offer Outbids Competitors
Netflix’s offer surpassed those of competitors such as Paramount, which publicly questioned how the sale process was conducted. Paramount wanted to buy all Warner Bros. Discovery assets, including cable networks like CNN, TNT, and TBS.
Although Netflix has announced the acquisition as final, the deal still faces uncertainty. The U.S. Department of Justice has already indicated possible opposition, and European regulators are also expected to scrutinize the transaction.
Regulators fear that absorbing Warner Bros.’ vast catalog could make Netflix too dominant in the media market, easily overshadowing competitors. If the deal is blocked, Netflix may have to pay a $5 billion penalty.
Some analysts believe this merger could mark the end of Warner’s theatrical releases, further impacting the traditional film industry. It also raises questions about HBO’s future, known for high-budget productions and slower release schedules — a stark contrast to Netflix’s faster, mass-release model.
