According to an announcement made on December 5, Netflix is to acquire Warner Bros. (WB), the new company that will arise from Warner Bros. Discovery’s (WBD) separation into two units. The transaction, the value of which is USD 82.7 billion (including debt), will make it possible for Netflix to become the owner of WB’s movie and TV studios, along with its entire library, HBO network and streaming platform HBO Max.

When WBD began to consider its sale, whether total or partial, it decided to divide the company into two units: Warner Bros. and Discovery Global. The latter will include the company’s TV brands (such as CNN, TNT Sports in USA and Discovery), Europe’s Free-To-Air TV channels and OTT Discovery+. Over the previous few weeks, US media outlets had revealed that the sale process was in progress and that potential buyers were Paramount (Skydance), Comcast and Neflix. December 5 was the date on which a definitive agreement was entered into.

The Netflix-WB transaction will close only upon completion of WBD’s separation process, which is expected to be concluded in the third quarter of 2026.

According to Netflix, “the combination will offer more choice and greater value for consumers, create more opportunities for the creative community and generate shareholder value. The acquisition will strengthen the entertainment industry.”

The official announcement made by Netflix highlights: “Netflix to maintain Warner Bros.’ current operations”. As far as film production is concerned, Warner Bros. has already entered into agreements to premiere its movies in theaters, effective until 2029. With regard to HBO Max, what Netflix spokespeople have said is that it will remain an independent OTT for the time being, though a large portion of HBO and HBO Max content will be added to Neflix catalog.