In a transformative deal for the entertainment industry, Netflix has announced its acquisition of Warner Bros. Discovery for $82.7 billion. This definitive agreement brings together the streaming platform that revolutionized content delivery with the studio that helped build Hollywood, creating a merged entity positioned to lead entertainment into its next era.
Warner Bros. Discovery shareholders will receive $27.75 per share under the terms of the agreement, establishing total equity value at approximately $72.0 billion. The enterprise value of $82.7 billion encompasses all of Warner Bros. Discovery’s operations and assets, including production facilities, content libraries, distribution networks, and prestigious brands like HBO. Both companies’ boards have unanimously endorsed the transaction, reflecting institutional confidence.
Ted Sarandos, co-CEO of Netflix, described the acquisition as advancing Netflix’s mission to entertain global audiences. He emphasized that combining Warner Bros.’ century-long legacy of quality content with Netflix’s innovative streaming platform creates unprecedented opportunities for storytelling and audience engagement. The merger provides Netflix with both depth of catalog and breadth of production capabilities.
David Zaslav of Warner Bros. Discovery welcomed the partnership as bringing together organizations with shared commitment to entertainment excellence. He noted that Netflix’s technological sophistication and data-driven insights will help Warner Bros. content reach ideal audiences while maintaining creative integrity. The transaction reflects a strategic vision that adapts Warner Bros.’ business model for the streaming era while preserving its legacy.