In a nutshell

• Netflix to acquire Warner Bros. Discovery for $82.7 billion.
• Warner Bros. franchises (Harry Potter, DC, Game of Thrones) join Netflix’s global portfolio.
• Deal closes after Discovery Global separation in Q3 2026, promising more content, creative opportunities, and industry growth.

Netflix has revealed a definitive agreement to acquire Warner Bros. Discovery (WBD), including its film and television studios, HBO, and HBO Max, in a transaction valued at $82.7 billion (equity value $72 billion).

The deal, expected to close in 12–18 months following WBD’s separation of Discovery Global in Q3 2026, marks one of the most significant mergers in entertainment history.

What the Deal Means

The acquisition unites Netflix’s global reach and streaming dominance with Warner Bros.’ century-long legacy of storytelling. Beloved franchises such as Game of Thrones, The Sopranos, The Big Bang Theory, Harry Potter, and the DC Universe will join Netflix’s portfolio alongside hits like Stranger Things, Squid Game, Money Heist, and Bridgerton.

Netflix confirmed it will maintain Warner Bros.’ current operations, including theatrical releases, while expanding production capacity in the U.S. and investing further in original content.

What About The Videogames

According to Game Developer, despite being largely absent from official announcements and filings, Warner Bros. Games is confirmed to be part of Netflix’s $82.7 billion acquisition of Warner Bros. Discovery.

The division was only briefly referenced during a conference call, but a spokesperson later clarified that the recently restructured gaming arm, including studios like NetherRealm (Mortal Kombat), Rocksteady (Batman: Arkham), and TT Games (LEGO), will indeed join Netflix, though the company’s plans for these studios remain unclear.

Netflix co-CEO Ted Sarandos emphasized that by combining Warner Bros.’ extensive library of shows and movies with Netflix’s own culture-defining titles, the company “be able to entertain the world even better and help define the next century of storytelling.”

Fellow co-CEO Greg Peters added that “This acquisition will accelerate our business for decades to come, giving members more options and strengthening the entire entertainment industry.”

Meanwhile, Warner Bros. Discovery CEO David Zaslav highlighted the studio’s century-long legacy of thrilling audiences and shaping culture, noting that “By coming together with Netflix, we will ensure people everywhere continue to enjoy the world’s most resonant stories for generations.”