Netflix is making a huge move in the entertainment industry. The company announced it will acquire Warner Bros. Discovery’s film and TV studios, including HBO and HBO Max, in a deal worth $82.7 billion.
The agreement gives Warner Bros. Discovery shareholders $23.25 in cash and $4.50 in Netflix stock per share. The deal values WBD at $27.75 per share, with an equity value of $72 billion. It’s expected to close in 12 to 18 months, after WBD completes the spin-off of its Global Networks division into a new company called Discovery Global.
This merger could see popular franchises like Harry Potter, DC Universe, Game of Thrones, Succession, The Last of Us, and Friends sit alongside Netflix originals such as Stranger Things, Bridgerton, and Squid Game.
Netflix says it will keep Warner Bros.’ current operations, including theatrical releases, while expanding production in the US.
As for HBO Max, Netflix plans to integrate its programming into its own platform. While the service’s shows and movies will remain available, the future of HBO Max as a standalone app is uncertain. Industry watchers expect HBO Max to eventually fold into the streamer’s main service, giving subscribers one place to access both libraries.
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This is one of the biggest entertainment deals ever, and it positions Netflix as not just a streaming giant but also a major studio player.
