Netflix has struck a landmark $72bn deal to acquire the film and streaming businesses of Warner Bros Discovery, emerging victorious after a prolonged bidding battle that also drew interest from Comcast and Paramount Skydance. The takeover marks one of Hollywood’s biggest-ever media shake-ups and positions Netflix to command an even larger share of the global entertainment market.
After a prolonged bidding battle against Comcast and Paramount Skydance, Netflix emerged the winner, securing control of some of the world’s most recognisable franchises, including Harry Potter, Game of Thrones and the vast HBO library.
The streaming giant said the acquisition offered a rare chance to combine Warner Bros’ century-old catalogue—from Casablanca to HBO hits—with Netflix’s global streaming scale. Co-chief executive Ted Sarandos called it a “big day” for both companies, saying the merger would allow them to “define the next century” of entertainment and deepen Netflix’s long-term advantage. Warner Bros CEO David Zaslav echoed this, describing the deal as uniting “two of the greatest storytelling companies in the world”.
Valued at $27.75 per share, the deal carries a total enterprise value of about $82.7bn, with an equity value of $72bn. Both boards have unanimously approved the agreement. The purchase will complete once Warner Bros finishes its plan to split its streaming and studios arm from its global networks division—home to CNN, sports brands and free-to-air channels in Europe—into two listed companies next year.
For Netflix, the acquisition promises major gains: a larger studio footprint, greater production capacity and instant access to a globally recognised content library. Media analysts say this positions Netflix as a “global mega power” in streaming. Paolo Pescatore of PP Foresight said the deal underscores Netflix’s ambition to dominate the new media landscape, though he warned that integrating such a large business will be challenging.
Analysts believe US competition authorities will closely examine the merger’s impact on market concentration, consumer pricing and the future of cinema. If approved, the deal would “reorient Hollywood”, potentially reducing total film and TV output and increasing subscription prices. He added that unions and parts of the industry are likely to resist the move.
For consumers, the merger could usher in higher costs and the eventual sidelining of HBO Max, but it also signals the arrival of a new era: Hollywood consolidated under its most powerful streamer yet.
