LOS ANGELES, U.S. – December 5, 2025 — Netflix announced today that it has entered into a definitive agreement to acquire Warner Bros. — including its film and television studios, streaming assets and content libraries — in a cash-and-stock transaction valued at approximately US $82.7 billion (equity value US $72.0 billion).
Under the agreement, each Warner Bros. shareholder will receive $27.75 per share in the combined consideration. The acquisition is set to close after the planned separation (spin-off) of Warner’s Global Networks business — scheduled for the third quarter of 2026 — subject to customary closing conditions and regulatory approvals.
A New Era for Netflix — Uniting Two Entertainment Giants
By bringing Warner Bros. under its umbrella, Netflix dramatically expands its content portfolio, adding decades-worth of iconic film and television franchises to its already extensive streaming catalog. From classic films to modern blockbusters and television gems, Netflix’s global audience can expect a massive influx of deeply popular, legacy-rich content.
Netflix’s co-CEOs commented that this landmark deal will greatly broaden the company’s creative capacity. The integration aims to combine Netflix’s global reach and streaming infrastructure with Warner Bros.’ storied legacy of storytelling — offering audiences richer viewing choices and creating significant new opportunities for content creation, distribution and global impact.
Warner Bros. will continue to operate as part of Netflix’s overall entertainment offering, ensuring continuity of production, releases, and ongoing projects — including theatrical releases, episodic television, games and future studio work. The deal maintains existing operations while ushering in a unified path forward under Netflix’s umbrella.
What the Acquisition Delivers — Value for Viewers, Creators and Industry
Expanded and Diverse Content — For Every Audience
For consumers, the acquisition promises the richest and most varied content library ever assembled on a single streaming platform. With Warner Bros.’ deep roster of films, classics, franchises and premium shows, Netflix will offer unmatched breadth — from timeless classics to modern blockbusters, animation, dramas, fantasy sagas and high-end TV series. This includes access to well-known franchises and legacy content alongside Netflix originals and upcoming releases. GamesRadar
The move is designed to deliver greater value — more choice, higher-quality content and broader genre coverage — under a single subscription, potentially enhancing Netflix’s attractiveness for both existing and new subscribers worldwide.
Strengthened Studio and Streaming Capabilities
For creators, filmmakers and content producers, the deal opens up new avenues. With access to Warner Bros.’ studios, production infrastructure, and intellectual property (IP), Netflix gains in-house capabilities for theatrical releases, large-scale production, and global distribution. This combination could redefine how studios and streamers operate — merging creative heritage with streaming-era agility.
This expanded studio footprint also enhances Netflix’s potential for high-end original content, franchise development, spin-offs, reboots, and movie/series production at a scale previously out of reach for standalone streamers.
Industry Consolidation — A New Entertainment Giant
For the media industry, the acquisition marks one of the largest M&A deals in entertainment history. By uniting two major players, Netflix becomes a global powerhouse — commanding a vast catalog, established studio infrastructure, and immense global reach. Analysts expect this consolidation to reshape how streaming, cinema, and content distribution evolve over the next decade. Le Monde.fr
For investors, the deal potentially offers synergies in content production, distribution costs, global rollout, and monetization — positioning Netflix as a long-term value proposition in both streaming and studio-based entertainment markets.
Transaction Details & Next Steps
- Purchase consideration: $27.75 per WBD share, valuing Warner Bros. at equity value of $72.0 billion and enterprise value of $82.7 billion.
- Structure & Timing: The acquisition will follow the separation of Warner’s Global Networks division (Discovery Global), planned for Q3 2026. Closing will depend on regulatory and shareholder approvals as well as customary closing conditions.
- Operational Continuity: Warner Bros.’ studios, streaming services, libraries and ongoing projects will remain operational post-acquisition, ensuring smooth transition and continued content delivery.
Netflix emphasized that the merged company will retain Warner Bros.’ legacy operations — including theatrical releases, studio workflows, and existing content pipelines — while using Netflix’s global streaming platform to broaden reach and audience access.
Broader Implications — What Stakeholders Should Watch
- For Subscribers: Expect a richer content catalog, expanded genre variety, and access to both legacy hits and new productions — potentially under a unified subscription model.
- For Content Producers and Creators: New opportunities to leverage Warner Bros.’ studios, IPs and Netflix’s reach to create large-scale, global-first productions — with streamlined production-to-distribution workflows.
- For Global Streaming & Media Market: The deal could set off further consolidation or strategic repositioning by competitors, affecting competition, content licensing, distribution strategies and global market dynamics.
- For Theatres and Cinema Distribution: With studios and streaming under one roof, the balance between theatrical releases and streaming premieres may shift — raising questions about cinema’s future role and revenue models.
- For Regulators and Competition Watchers: Given the combined market share and potential dominance in streaming and content production, antitrust and regulatory scrutiny is expected — in the U.S., Europe, and other major markets.
About Netflix — Streaming & Studio Powerhouse
Netflix is a global entertainment company known for pioneering streaming services, original content creation, and global distribution. With this acquisition, Netflix transforms itself from solely a streaming service into a fully integrated entertainment powerhouse — combining legacy studio strength, modern streaming infrastructure, and global reach to redefine the future of media consumption. Wikipedia
By combining Warner Bros.’ vast library, iconic franchises and studio capabilities with Netflix’s global subscriber base and digital delivery, Netflix is positioned to deliver entertainment at a scale unmatched in history — offering audiences a unique blend of classic cinema, premium TV, and fresh original content across devices worldwide.
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