Netflix completed the largest corporate operation in the history of entertainment by acquiring Warner Bros. Discovery for 82.7 billion dollars, bringing weeks of negotiations to an end and defeating its main rival in the bidding: Paramount Skydance. With this move, the company led by Reed Hastings incorporates not only the legendary film and television studios, but also HBO, HBO Max, and one of Hollywood's most valuable catalogs.
The announcement was made official this Thursday through a joint statement in which both companies emphasized that the merger brings together "two pioneering entertainment businesses," combining Netflix's global infrastructure and technological capability with the narrative prestige Warner Bros. has accumulated for more than a century. The new franchises under the platform's umbrella include iconic titles such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the entire DC Universe, which will now coexist with contemporary hits like Wednesday, Money Heist, Bridgerton, and Stranger Things.
The transaction—a mix of cash and stock—was valued at USD 27.75 per WBD share and includes an equity value of 72 billion. Each shareholder will receive USD 23.25 in cash and USD 4.50 in Netflix common stock. The agreement was unanimously approved by both boards of directors, although it still requires regulatory approval and the approval of Warner Bros. Discovery shareholders. The final closing could take between 12 and 18 months.
