Christmas came early for Netflix users. If you’ve ever wondered why classics like Game of Thrones or Harry Potter never
made their way to the world’s biggest streaming platform, you won’t have to wonder much longer. Netflix has just sealed
a jaw-dropping $82.7 billion deal to acquire Warner Bros. Discovery (WBD), meaning Westeros, Hogwarts, and Gotham City
are all coming to Netflix.
The announcement came on Friday, confirming that Netflix and WBD have entered a “definitive agreement” for the sale,
which has been unanimously approved by both companies’ boards. The deal includes HBO, HBO Max, Warner Bros. film and TV
studios, and DC Entertainment, marking one of the biggest shake-ups in the entertainment industry’s modern history.
According to Netflix’s SEC filing, the sale’s total equity value sits at $72 billion, with an enterprise value of $82.7
billion, factoring in WBD’s debt. Netflix valued Warner Bros. Discovery shares at $27.75 apiece, a price tag high enough
to edge out competing bids from Paramount Skydance and Comcast’s NBC Universal, which had proposed a merger earlier this
A new chapter for Netflix and Warner Bros
Netflix co-CEO Ted Sarandos described the merger as a landmark moment for global entertainment, saying, “Our mission has
always been to entertain the world. Together, we can give audiences more of what they love and help define the next
century of storytelling.”
His co-CEO Greg Peters added that the acquisition “will improve our offering and accelerate our business for decades to
come.” Meanwhile, WBD CEO David Zaslav celebrated the deal as a creative union of giants, saying, “Today’s announcement
combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they
Before the merger becomes official, Netflix and WBD must get approval from the U.S. Securities and Exchange Commission
(SEC). The deal is expected to close after Discovery Global, WBD’s Global Networks arm, is spun off as a separate
publicly traded company in Q3 2026.
The agreement marks the end of a turbulent chapter for Warner Bros. Discovery, which had faced mounting debt and intense
competition in the streaming space. For Netflix, it’s a bold power play that cements its dominance as the go-to hub for
nearly every major franchise under one roof.
So, what changes for viewers? In short, a lot. Once the deal is finalised, Netflix users can expect access to a massive
catalogue of Warner Bros. classics and contemporary hits. That means everything from HBO originals (Game of Thrones, The
Last of Us, Succession) to blockbuster universes like Harry Potter, The Dark Knight, and the DC Comics collection could
be streaming alongside Stranger Things and Bridgerton.
Netflix has confirmed that it plans to “maintain Warner Bros.’ current operations and build on its strengths, including
theatrical releases for films.” This suggests that the studio’s traditional big-screen model won’t disappear, but
viewers could see faster turnarounds from cinema to streaming.
The company also hinted at bundled or merged content libraries, describing HBO and HBO Max titles as a “compelling,
complementary offering” for Netflix subscribers. In practical terms, this could mean integrated plans or expanded
subscription tiers offering access to both Netflix originals and the newly acquired HBO library.
For film and TV fans, the merger could mean the richest content selection in streaming history, and possibly fewer
reasons to subscribe elsewhere. “By adding the deep film and TV libraries of HBO and HBO Max, Netflix members will have
even more high-quality titles from which to choose,” the company said in a press statement.
Beyond sheer volume, Netflix believes the deal will boost its production capacity, giving the streamer more flexibility
to create new original content while managing Warner Bros.’ existing franchises.
In the long run, this acquisition isn’t just about nostalgia or libraries, it’s about power. With HBO’s prestige
storytelling, Warner Bros.’ cinematic legacy, and Netflix’s global reach, the entertainment landscape may never look the
So yes, it’s official: Game of Thrones and Harry Potter are headed to Netflix.