On December 5, 2025, Netflix announced that it had reached an agreement to acquire Warner Bros. Studios and its streaming operations, including HBO. The deal values Warner Bros. at approximately $72 billion in equity. With Netflix offering $27.75 per share and assuming around $10 billion in debt, the total transaction value rises to $82.7 billion.

As part of the acquisition process, Warner Bros. Discovery will first separate its cable networks and legacy linear TV assets—including CNN, TNT, Discovery, and others—into a new company called Discovery Global. This split is targeted for 2026, before the Netflix transaction can be finalized.

Approval of the deal remains uncertain, as the Department of Justice and other regulatory bodies prepare reviews. Some lawmakers have already expressed concerns about competition and potential antitrust violations. Industry groups including Cinema United, the Writers Guild of America, and the Directors Guild of America have opposed the acquisition, citing potential harms to theaters, jobs, and creative competition.

Netflix has pledged to maintain Warner Bros.’ theatrical releases and operations, and projects $2–3 billion in annual cost savings by the third year. The streaming giant secured the deal after a competitive bidding process that outmaneuvered Paramount, Skydance, and Comcast. The ultimate fate of the acquisition may depend on regulatory approval and potential legal challenges.