Netflix, Inc. and Warner Bros. Discovery (WBD) have announced “a definitive” acquisition deal.
Under the terms of the agreement, the streaming behemoth will pay $82.7 billion for Warner Bros., which includes its film and TV studios, HBO Max, and HBO.
In a joint statement issued on Thursday, the firms stated that the cash-and-stock offer is valued at $27.75 per WBD.
The transaction is slated to close once WBD completes the planned separation of its Global Networks segment, Discovery Global, into a new publicly traded company in the third quarter of 2026.
The firms claimed the transaction will combine Netflix’s worldwide streaming reach with Warner Bros.’ extensive history in cinema and television.
According to the firms, series and films like The Big Bang Theory, Game of Thrones, The Sopranos, The Wizard of Oz, and the DC Universe will coexist with Netflix’s collection, which includes Wednesday, Bridgerton, Money Heist, and Extraction.
Ted Sarandos, Netflix co-chief executive officer (CEO), stated that the agreement will help the firm better amuse people across the world and define the next century of narrative.
Sarandos stated that the merged libraries, which include classics such as Casablanca and recent faves such as Harry Potter, will provide fans with additional options.
Netflix’s other co-CEO, Greg Peters, stated that the purchase will enhance their products and accelerate the business for many years.
According to Peters, Netflix’s worldwide presence will help showcase Warner Bros.’ work to a larger audience and increase shareholder value.
David Zaslav, CEO of WBD, stated that the arrangement connects two significant storytelling firms and would offer entertainment to an even larger audience.
Zaslav stated that Warner Bros. has created global culture for over a century, and the collaboration would help maintain its tales in front of viewers globally.
The announcement comes as MultiChoice plans to remove 11 television channels from its DStv platform on December 31, marking the end of its distribution relationship with Warner Bros.
