Netflix and Warner Bros. Discovery (WBD) have announced a definitive $82.7 billion acquisition agreement, with Netflix set to purchase Warner Bros., including HBO, HBO Max, and its film and TV studios. The deal, priced at $27.75 per WBD share, is expected to close after WBD completes the planned separation of its Global Networks division into a new publicly listed company in the third quarter of 2026.
Both companies said the acquisition will merge Netflix’s global streaming footprint with Warner Bros.’ century-long legacy in film and television. Ted Sarandos, Netflix co-CEO, said the move will “define the next century of storytelling,” while Greg Peters said it will “accelerate the business for many years.” WBD CEO David Zaslav said the agreement “unites two major storytelling companies” and will expand global access to Warner Bros.’ catalogue.