LOS ANGELES, United States
Netflix announced a blockbuster agreement to acquire Warner Bros. Discovery in a deal valued at approximately $82.7 billion, a move that could reshape the global entertainment landscape and significantly expand the streaming giant’s content library. The transaction, which combines cash and Netflix stock, will give Warner Bros. Discovery shareholders $23.25 per share in cash and $4.50 per share in Netflix stock upon completion, pending regulatory approvals and the planned spinoff of Warner’s linear TV networks into a separate entity called Discovery Global.
The deal grants Netflix control over some of the world’s most valuable entertainment properties, including HBO, HBO Max, and Warner Bros.’ film and television studios, along with iconic content franchises such as Game of Thrones, DC Comics, and Harry Potter. Executives from both companies have highlighted the strategic complementarity of the merger, combining Netflix’s global platform and data-driven distribution with Warner’s storied content production and creative talent.
While Netflix was able to reach terms with Warner’s board, the acquisition faced stiff competition from a hostile $108 billion bid by Paramount Skydance. Paramount’s all-cash offer, backed in part by Oracle co-founder Larry Ellison, was rejected unanimously by Warner’s board, which cited concerns over debt levels and execution risk, deeming Netflix’s offer safer and more certain for shareholders.
The announcement immediately reverberated across the entertainment industry, with analysts describing the potential merger as one of the largest media transactions in history, surpassing Disney’s $71 billion acquisition of 21st Century Fox. Industry observers noted that the deal would give Netflix an unparalleled library of premium content, strengthening its global market position in the increasingly competitive streaming wars.
Regulatory scrutiny is expected to be intense. Antitrust authorities in the United States and international markets will evaluate the merger for potential impacts on competition in media and streaming, a process that could take months to conclude. Both companies have signaled confidence that the deal can clear regulatory hurdles but acknowledge that approvals are a key condition for completion.
Netflix executives have framed the acquisition as an opportunity to deliver greater choice and value to consumers, leveraging Warner’s content creation capabilities alongside Netflix’s global platform to reach new audiences. Warner Bros. Discovery leadership emphasized the potential to expand creative and commercial opportunities for talent worldwide, while providing a smooth transition for existing subscribers of HBO Max and other services.
Pending the successful completion of the Discovery Global spinoff, regulatory reviews, and shareholder approvals, the merger could redefine the entertainment industry and consolidate Netflix’s dominance as a streaming powerhouse. Observers predict the deal will have significant implications for content distribution, production, and the competitive dynamics between major media conglomerates in the years to come.
This acquisition underscores the ongoing trend of consolidation in the entertainment sector, as traditional media companies and streaming platforms seek scale, global reach, and premium content libraries to compete in a crowded and rapidly evolving market.
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