The sale of U.S. media giant Warner Bros. Discovery (WBD) has been finalized! According to the announcement released today, Netflix confirmed that it has reached an agreement to acquire Warner Bros. for $82.7 billion, although the equity value of the transaction is calculated at $72 billion. The deal is expected to close within 12–18 months.
Netflix stated that the agreement was unanimously approved by the Boards of Directors of both Netflix and Warner Bros. Discovery (WBD). However, the acquisition will only be fully completed after Warner Bros. and the Discovery Global division are separated into a new company. That separation process is expected to be finalized in the third quarter of 2026.
Under the terms of the deal, each Warner Bros. shareholder will receive $23.25 in cash and $4.50 in Netflix stock per share, bringing the total transaction value to $27.75 per share.
Netflix also confirmed that it plans to maintain Warner Bros.’ current operations following the acquisition. According to the company’s statement, from the third year of integration onward, the transaction is expected to generate at least $2–3 billion in annual cost savings.
Netflix co-CEO Ted Sarandos commented:
“Our mission has always been to entertain the world. 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. Together, we can give audiences more of what they love and help define the next century of storytelling.”
Greg Peters, co-CEO of Netflix, added: “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create, giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”
WBD’s Zaslav said in a statement:
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most. For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
