Netflix has announced a monumental $82.7 billion acquisition of Warner Bros., including HBO and HBO Max. This strategic
move integrates Warner Bros.' extensive film and television library with Netflix's global streaming platform, promising
to significantly enhance content offerings and accelerate business growth for decades to come.
Netflix on Friday has acquired Warner Bros. in a blockbuster $82.7 billion transaction after beating multiple bidders
for the Hollywood giant’s film and TV assets, including HBO and HBO Max. The deal, valued at $27.75 per share, will take
effect once WBD completes the planned spin-off of its Global Networks division, Discovery Global, expected in the third
quarter of 2026. With the acquisition, Netflix will absorb iconic Warner Bros franchises such as Game of Thrones, Harry
Potter, the DC Universe, The Sopranos and The Big Bang Theory, merging them with hits like Stranger Things, Money Heist
and Wednesday. “Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos. “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.” Co-CEO Greg Peters said the deal will “improve our offering and
accelerate our business for decades to come,” adding that Netflix will “strengthen the entire entertainment industry and
create more value for shareholders.” WBD chief David Zaslav said the merger unites “two of the greatest storytelling
companies in the world,” ensuring audiences “will continue to enjoy the world’s most resonant stories for generations to
come.” Under the transaction, WBD shareholders will receive $23.25 in cash and $4.50 worth of Netflix stock per share,
with the stock component subject to a collar based on Netflix’s trading price. Netflix expects to save $2-3 billion
annually by year three and said the deal will be earnings accretive by year two. Both boards have unanimously approved
the acquisition. Regulatory review and shareholder approval are next, followed by executive-level negotiations on
integration, operational planning and leadership roles. A webcast is scheduled at 5:00am PT/8:00am ET to discuss the