Netflix has agreed to acquire Warner Bros. Discovery's streaming and studios division. On December 5, 2025, Netflix announced a deal to buy Warner Bros. (including HBO, DC Studios, and TNT Sports) plus its content library in a cash-stock transaction valued at $72 billion in equity and $82.7 billion in enterprise value, following Warner Bros. Discovery's planned split into two companies.
This follows initial bids in November 2025 from Netflix, Paramount (via Skydance), and Comcast for parts or all of Warner Bros. Discovery.
Paramount launched a hostile $108 billion all-cash counteroffer on December 8, 2025, directly to shareholders, claiming superiority over Netflix's deal, though Warner Bros. Discovery selected Netflix's proposal.
The Netflix acquisition awaits regulatory approvals, shareholder votes, and completion of Warner's separation (expected Q3 2026), with closure projected in 12-18 months.
