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By Melissa Fleur Afshar
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Netflix has announced that it will acquire Warner Bros. Discovery's film and streaming divisions for $72 billion in a cash-and-stock deal, following extensive negotiations and a heated bidding war against Comcast and Paramount Skydance.
The acquisition, which includes Warner Bros.’ storied film and television studios, HBO, and the popular streaming platform HBO Max, was agreed upon on Friday.
The transaction, a total enterprise value of approximately $82.7 billion with an equity value of $72 billion, marks one of the largest media deals in recent history. It cements Netflix’s position not only as the world’s leading streaming service, but as a studio powerhouse, hoping to retain and grow their 300-million-plus subscriber count and library of entertainment franchises.
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With this deal, Netflix gains ownership of some of the most recognizable titles in film and television, including the Harry Potter and Game of Thrones franchises, The Big Bang Theory, The Sopranos, The Matrix, and even the DC Universe.
Popular TV Shows Coming to Netflix in the US
- Game of Thrones, the series.
- The Sopranos.
- The Big Bang Theory.
- Friends.
- Euphoria.
- The White Lotus.
- Succession.
- The Last of Us.
- Mad Men.
- Mare of Eastown.
- Sex and the City.
- My Brilliant Friend.
- Big Little Lies.
Popular Movies Coming to Netflix in the US
- Harry Potter, the franchise.
- The Lord of the Rings, the franchise.
- The Wizard of Oz.
- Citizen Kane.
- Casablanca.
- DC Universe titles, including Batman, The Dark Night, Joker, Superman, Wonder Woman, Aquaman.
Some of the shows and movies in the list above are already in the platform's library in other countries, but with the acquisition, viewers in the U.S. will be able to watch them too.
Netflix has not yet announced if they will be upping subscription prices, and the streaming giant is not expected to immediately alter how much existing users pay.
“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we'll be able to do that even better.
"Together, we can give audiences more of what they love and help define the next century of storytelling.”
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Greg Peters, co-CEO of Netflix, added: "This acquisition will improve our offering and accelerate our business for decades to come…Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities.
"With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”
While David Zaslav, president and CEO of Warner Bros. Discovery, said: "Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most."
In the near future, Netflix plans to incorporate HBO Max's programming into its own platform.
That includes merging the deep back-catalogs of both companies, a move that is expected to give subscribers access to a combined portfolio spanning legacy content like The Wizard of Oz to newer, frequently trending releases Wednesday and Bridgerton.
Netflix’s decision to absorb Warner Bros.’ entertainment catalog appears to play into its broader strategy of doubling down on nostalgia and trusted, high-value content.
The enduring popularity of shows like Stranger Things, built on 1980s references and pop culture staples, and the incorporation of veteran stars into its own productions suggests that Netflix’s has a keen eye on elevating its brand by banking on the emotional pull of beloved actors and franchises**—**deepening viewer loyalty and expanding its cultural footprint in the process.
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