Netflix To Buy Warner Bros. (including HBO Max) In Massive $82.7 Billion Deal
Netflix has agreed to acquire Warner Bros. Discovery’s film and television studio, along with HBO and the Max streaming service, in a deal valued at $82.7 billion. The takeover would be one of the largest entertainment mergers in history and could reshape the entire streaming landscape.
Under the agreement, Netflix would assume control of the Warner Bros. Pictures studio, HBO, and HBO Max. The acquisition would give Netflix the deepest well of premium franchises outside Disney and dramatically expand its original content pipeline.
But the deal is far from done — it has received bipartisan pushback and is expect to face tough antitrust scrutiny from government regulators who are skeptical the merger would give Netflix too much market power.
THE FATE OF YOUR FAVORITE SHOWS & MOVIES
Under the agreement, Netflix would take over Warner Bros. Pictures and one of Hollywood’s richest libraries that includes “Harry Potter,” the DC universe, “The Wizard of Oz,” “Casablanca,” “Citizen Kane,” “The Big Bang Theory,” and “Friends.”
It would also acquire HBO classics like “The Sopranos,” “Game of Thrones,” “Veep,” and “Sex and the City.” The HBO Max bundle also includes “White Lotus” and “Succession.”
One Bank of America report summed up what’s at stake: “If Netflix acquires Warner Bros., the streaming wars are effectively over.”
POTENTIAL HEADWINDS
There has been major pushback on the merger, including from lawmakers on both sides of the aisle — and even the grandson of the Warner Bros. founder, who notes the studio’s long history of creating stories that speak truth to power.
The merger now heads to U.S. government regulators, who will examine whether the deal would create a streaming monopoly in Netflix, potentially limiting competition and driving up prices. CNBC is reporting that the White House is looking at the deal with “heavy skepticism.”
Movie theater owners are also concerned that the acquisition will lead to an end to their business — already struggling — as Netflix prioritizes bringing films straight to streaming or will severely limit the time movies are in theaters.
A collective of movie and TV industry leaders sent an anonymous letter to Congress detailing their economic and institutional concerns about the deal.
Netflix responds: The company insists it plans to maintain Warner Bros.’ current operations, including theatrical releases, and argues that the merger would expand opportunities for creators rather than shrink them.
But first: Before any sale can close, Warner Bros. Discovery will split into two companies — Warner Bros. (the studio Netflix plans to buy) and Discovery Global, which will house its cable networks like CNN and TNT— in 2026. Meanwhile, Paramount and Comcast may still try and swoop in with counter-offers after months of vying for their own deals.
Interested in a deeper dive? We discuss the merger and all its implications on this weekend’s episode of the #AMA (Ask Mo Anything) podcast — where we break down all your questions on the recent headlines, available exclusively for Premium members. Join Premium today to listen!