Netflix acquiring Warner Bros Discovery in $82.7 billion deal

Netflix is set to acquire Warner Bros Discovery in an $82.7 billion deal (equity value of $72 billion). Notably, the deal will include the latter company’s film and television studios, HBO Max and HBO.

Before this can take effect, Warner Bros Discovery needs to separate their Global Networks division into a new publicly traded company. Once this has been settled, the division will be known as Discovery Global, but it will take time.

The process is expected to wrap up around the third quarter of 2026. From here, Netflix will take over the Streaming and Studios division, which could change the streaming landscape heavily.

Netflix noted that they’ll be keeping Warner Bros’ operations running, continuing theatrical releases. They’ll also be folding the company’s extensive film and TV catalog, which includes programs from HBO Max and HBO.

It is still unclear if HBO Max will remain as a standalone service or be fully merged into Netflix. Again, Netflix has a 12 to 18‑month window to close the deal once the separation finishes, subject to regulatory approvals.

CNN, Discovery-branded channels, and TNT Sports are not part of the purchase and will stay under the new Discovery Global umbrella.