Netflix announces deal to acquire Warner Bros at $82.7 billion, including HBO

It was announced that Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) have entered into a definitive agreement for this deal.

In a landmark deal, Netflix announced that it will acquire Warner Bros., including its film and television studios, HBO Max and HBO. The official social media account of Netflix shared this announcement, along with the details of the deal. The cash and stock transaction is valued at $27.75 per WBD share, along with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion), reported Tudum on Friday.

About the acquisition

(FILES) Streaming giant Netflix will acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced in a joint statement on December 5, 2025. (Photo by Patrick T. FALLON / AFP)(AFP)

Ted Sarandos, co-CEO of Netflix, said in a statement, "Our mission has always been to entertain the world. 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.”

Meanwhile, David Zaslav, President and CEO of Warner Bros. Discovery, said, “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.”

More details

The report added that the agreement came with the transaction which values Warner Bros. Discovery at $27.75 per share. Which means that the total equity value stands at approximately $72.0 billion, along with an enterprise value of approximately $82.7 billion.

Meanwhile, as per this transaction, each shareholder in Warner Bros. Discovery will receive $27.75 per share, implying a total equity value of approximately $72.0 billion and an enterprise value of approximately $82.7 billion. The report stated that the transaction was unanimously approved by the Boards of Directors of both Netflix and WBD.