Netflix Buys Warner Bros Discovery’s Studios and Streaming Service for $83 Billion

Netflix has agreed to acquire Warner Bros Discovery for $83bn, securing control of one of Hollywood’s most storied studios and creating a new global powerhouse in the entertainment industry. The deal elevates Netflix to a central position in Hollywood, adding sought-after franchises such as Harry Potter and Batman, WBD’s streaming business, and HBO’s premium slate to its portfolio.

Under the agreement, WBD will still spin off its cable networks—including CNN, Discovery and Turner—into a separate company, after which the studio and streaming assets will transfer to Netflix. In the auction launched in October under WBD chief executive David Zaslav, Netflix outbid Paramount and Comcast.

Announcing the deal on Friday, Zaslav said: «Merging with Netflix will allow us to ensure that people around the world continue to watch the most meaningful stories for generations to come». Under the terms, WBD shareholders will receive $23.3 in cash and $4.5 in Netflix stock for each WBD share. WBD’s value, including debt, is estimated at $82.7bn, with a market capitalization of $72bn.

The boards of both companies have approved the deal, but it still requires backing from WBD shareholders and regulatory clearance. Closing is expected within 12–18 months. Zaslav will remain in charge of the new WBD studios, which will continue to operate independently and maintain their own film and television production and distribution.

The transaction will give Netflix control over one of the industry’s leading production and distribution systems, granting the technology company unprecedented influence in Hollywood. Netflix has already pledged to preserve Warner Bros’ theatrical releases. The combination of Netflix and WBD will test regulators in the US and Europe, where both groups have extensive operations.ается после завершения ранее объявленного выделения подразделения WBD Discovery Global в отдельную публичную компанию.

Sources familiar with the negotiations say they are confident that any regulatory hurdles can be overcome, pointing to the intense competition for global audiences not only among streaming services but also with platforms such as YouTube.