In one of the biggest deals ever seen in the streaming world, Netflix announced it would acquire Warner Bros. for $82.7 billion.
The deal includes both HBO Max and HBO Studios, and is one of the largest mergers in Hollywood history. The move not only solidifies Netflix’s leadership position but also gives it access to popular franchises like “DC Comics,” “Game of Thrones,” and “Harry Potter.”
Netflix had more than 300 million paid subscribers as of January, while HBO Max, along with Discovery+, has about 128 million subscribers.
Netflix’s $72 billion offer exceeds Warner Bros.’ market value ($60 billion).
The merger could be subject to antitrust scrutiny. In November, Senators Elizabeth Warren, Bernie Sanders, and Richard Blumenthal wrote to the Justice Department expressing concerns about the potential sale.
Warner Bros. Discovery went public in October, attracting interest from several companies due to its debt load and weak streaming growth.
The merger is expected to be completed in the third quarter of 2026 and the transaction is expected to close within 12–18 months.
