In a groundbreaking move that will redefine the future of streaming, entertainment, and Hollywood’s power structure, Netflix has officially announced a definitive agreement to acquire Warner Bros. Discovery (WBD) for an enterprise value of $82.7 billion.
The deal marks the first time a Silicon Valley streaming giant has taken ownership of a major legacy Hollywood studio.

Deal Overview: $82.7 Billion Mega-Acquisition

Netflix will acquire Warner Bros. Discovery at $27.75 per share, using a structured combination of cash and stock.
This acquisition instantly becomes one of the largest media mergers in history, surpassing several prior entertainment mega-deals.

What Netflix Gets: A Treasure Chest of Entertainment Assets

The acquisition gives Netflix control over some of the world’s most valuable entertainment properties:

🎬 Warner Bros. Film & TV Studios

One of Hollywood’s oldest and most prestigious studios—now part of the Netflix ecosystem.

📺 HBO & HBO Max

This includes:

• HBO
• HBO Max streaming platform
• Warner Bros. Television

HBO’s premium content portfolio drastically strengthens Netflix’s prestige programming lineup.

🌎 Iconic Intellectual Properties

Netflix will now own or control global rights to:

• Harry Potter franchise
• Game of Thrones / House of the Dragon
• DC Universe (Batman, Superman, Wonder Woman, Justice League, etc.)
• Looney Tunes
• Friends, The Big Bang Theory, and more

This instantly transforms Netflix from a “content buyer” to one of the most powerful IP owners in the world.

What’s Not Included: Cable Networks to Be Spun Off

Notably, the deal excludes WBD’s cable TV networks, which will be separated into an independent, publicly traded company called Discovery Global.

This spin-off includes:

• CNN
• TNT
• TBS
• Discovery Channel
• Animal Planet
• HGTV
• Food Network

By shedding cable liabilities, Netflix avoids the regulatory and financial burden of declining linear TV networks.

Why This Deal Changes Everything

1. Netflix Becomes the “Goliath of Streaming”

With HBO, Warner Bros., and DC under its umbrella, Netflix now becomes:

• The largest streaming platform
• One of the biggest studios
• A dominant global IP powerhouse

2. Hollywood’s Power Structure Is Permanently Altered

This is the first time a Silicon Valley tech company acquires a legacy Hollywood major.
It symbolizes the end of the old studio system and the rise of tech-driven entertainment conglomerates.

3. Massive Impact on Global Content Competition

Competitors like:

• Disney
• Amazon Prime Video
• Apple TV+
• Paramount

…now face an entertainment giant with unmatched library strength and global distribution.

4. Potential Changes for Viewers

Subscribers could see:

• HBO Max merging into Netflix
• DC and Harry Potter spinoffs produced directly for Netflix
• Unified billing
• Global simultaneous releases
• A larger theatrical footprint via Warner Bros.

Industry Reaction

Analysts are calling this the “biggest entertainment shift since Disney bought Fox.”
Investors anticipate:

• Stronger Netflix subscriber growth
• Expanded theatrical releases
• A possible restructure of DC Studios
• Major consolidation across Hollywood as rivals attempt to compete

What Happens Next?

The acquisition is subject to:

• Regulatory approval
• Shareholder approval
• Antitrust review in the U.S. and Europe

If approved, the transaction is expected to close in the next 12–18 months.

Conclusion

Netflix’s purchase of Warner Bros. Discovery is a historic turning point.
It combines Silicon Valley’s scale with Hollywood’s legacy, instantly making Netflix the most powerful entertainment company on earth.
The streaming wars are no longer a battle—they are now a domination game.