Netflix (NFLX) is set to acquire Warner Bros. Discovery’s (WBD) studio and streaming assets in a $72 billion deal, plus debt, bringing Hollywood’s most storied film and TV studio and the world’s largest streaming platform together in one of the biggest entertainment deals in history.
The companies announced Friday that they entered into a definitive agreement, subject to regulatory approval, that will give Netflix control of Warner Bros.’ film and TV studios, as well as HBO and HBO Max.
The deal is set to close after Warner Bros. Discovery completes its previously announced plan to separate its Global Networks division into a standalone publicly traded company.
Under that restructuring, expected in summer 2026, Netflix would take over the studios and streaming assets, while the newly created Discovery Global entity would house CNN and WBD’s portfolio of cable networks.
Netflix shares closed down nearly 3% following the news, while Warner Bros. Discovery shares gained 6%.
