Netflix To Acquire Warner Bros. Studios, HBO And HBO Max In Blockbuster Deal
In a major shakeup to the entertainment industry, Netflix and Warner Bros. Discovery announced an agreement on Friday under which Netflix will acquire Warner Bros.' film and television studios, as well as HBO and HBO Max.
The blockbuster deal is valued at approximately $82.7 billion and is expected to close in the third quarter of 2026, after the previously announced separation of Warner Bros. Discovery's two divisions — Streaming and Studios, and Global Networks — into two publicly traded companies.
"Our mission has always been to entertain the world," Netflix co-CEO Ted Sarandos said in a statement announcing the acquisition. "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."
David Zaslav, president and CEO of Warner Bros. Discovery, added, "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. For more than a century, Warner Bros. has thrilled audiences, captured the world's attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come."
According to Netflix's formal announcement, the streamer will maintain Warner Bros.' current operations, and Netflix will absorb HBO and HBO Max's programming, as well as HBO Max's film and TV library. There's currently no timetable, though, on the potential shuttering of HBO Max as a streaming platform.
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