Netflix’s agreement to acquire Warner Bros., announced earlier this month, details a transaction that would place the studio’s film and television operations, including HBO and HBO Max, under Netflix’s ownership. The deal is valued at approximately $82.7 billion in enterprise value and is expected to close after Warner Bros. Discovery completes the planned separation of its global networks business into a standalone public company.
The acquisition brings together Netflix’s streaming platform with one of the largest film and television libraries in the industry, spanning franchises such as Harry Potter, Game of Thrones, DC, and The Big Bang Theory. Netflix has said it intends to preserve Warner Bros.’ existing operations, including theatrical releases, while using its global distribution to broaden access to the studio’s catalog. Company executives have framed the combination as a way to extend the reach of established intellectual property while continuing to invest in new productions.
The transaction is subject to regulatory review and shareholder approval and is not expected to close for 12 to 18 months. Warner Bros. Discovery is proceeding with the spin-off of its Global Networks division, which will house brands including CNN, TNT Sports, and Discovery. Netflix has projected $2–3 billion in annual cost savings by the third year after closing and expects the deal to be accretive to earnings by the second year, as integration planning continues.
