Netflix has officially agreed to acquire the film and streaming businesses of Warner Bros Discovery for a staggering $72 billion, marking one of the most transformative deals in Hollywood’s history.
After months of intense bidding, Netflix outpaced major competitors—including Comcast and Paramount Skydance—to secure ownership of Warner Bros’ massive content empire. The acquisition grants Netflix access to some of the world’s most valuable entertainment franchises, including Harry Potter, Game of Thrones, and the entire HBO Max streaming platform.
The deal, however, is far from finalized. It must still clear regulatory scrutiny, with U.S. and international competition authorities expected to examine the merger closely. Critics, including the Writers Guild of America, argue that such consolidation will hurt industry workers and reduce consumer choice.
Despite the concerns, Netflix executives remain upbeat.
Netflix co-CEO Ted Sarandos said the company is “highly confident” in receiving regulatory approval and is moving “full speed ahead.”
Sarandos added that merging Warner Bros’ legendary library with Netflix’s global footprint—and hit originals like Stranger Things—creates an unprecedented entertainment powerhouse.
“Warner Bros defined the last century of entertainment, and together we can define the next one,” Sarandos said.
Netflix co-CEO Greg Peters acknowledged the importance of the HBO brand and hinted that HBO may continue as a standalone offering, though specific plans are still being developed.
The company expects to generate between $2 billion and $3 billion in savings, largely by eliminating overlapping technology and support divisions.
Despite the sweeping changes, Netflix stressed that Warner Bros films will continue to debut in theaters, and its television studios will still be able to produce content for outside networks. Netflix itself will maintain its strategy of creating original content exclusively for its platform.
If approved, the acquisition would reshape the global streaming landscape and accelerate the race for content dominance across Hollywood.