Netflix Inc. and Warner Bros. Discovery (WBD) announced “a definitive” acquisition agreement between the two parties.
Under the deal, the streaming giant will buy Warner Bros., including its film and TV studios, HBO Max and HBO, for $82.7 billion.
In a joint statement on Thursday, the companies said the cash-and-stock offer is priced at $27.75 per WBD share.
The entertainment firms said the deal is expected to close after WBD completes the planned separation of its Global Networks division, Discovery Global, into a new publicly listed company in the third quarter of 2026.
The companies said the acquisition will combine Netflix’s global streaming reach with the long record of Warner Bros. in film and television.
According to the companies, shows and films such as The Big Bang Theory, Game of Thrones, The Sopranos, The Wizard of Oz and the DC Universe will sit alongside Netflix’s catalogue, including Wednesday, Bridgerton, Money Heist and Extraction.
Speaking on the deal, Ted Sarandos, Netflix co-chief executive officer (CEO), said the move will help the company better entertain viewers around the world, and define the next century of storytelling.
Sarandos said the combined libraries, from classics like Casablanca to modern favourites like Harry Potter, will give audiences more choice.
Greg Peters, Netflix’s other co-CEO, said the acquisition will improve their offerings and accelerate the business for many years.
Peters said Netflix’s global presence will help introduce Warner Bros.’ work to wider audiences and create more value for shareholders.
On his part, David Zaslav, CEO of WBD, said the agreement brings unites two major storytelling companies and will deliver entertainment to even more people.
Zaslav said Warner Bros. has shaped global culture for over a century and the partnership will help keep its stories in front of audiences worldwide.
The announcement comes as MultiChoice prepares to drop 11 television channels from its DStv platform on December 31, following the end of its distribution agreement with Warner Bros.
