Netflix to buy Warner Bros Discovery in $82bn deal
By Frank Prenesti
Date: Friday 05 Dec 2025
(Sharecast News) - Netflix has struck a deal to buy Warner Bros. Discovery for $82bn, the streaming giant announced on Friday, beating Paramount Skydance and Comcast to the punch.
Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
The cash and stock transaction is valued at $27.75 per WBD share with a total enterprise value of approximately $82.7bn and $72bn excluding debt.
The transaction is expected to close after the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
WBD shareholders will receive $23.25 in cash and $4.501 in shares of Netflix common stock for each share of WBD common stock outstanding at the closing of the transaction.
"This acquisition brings together two pioneering entertainment businesses, combining Netflix's innovation, global reach and best-in-class streaming service with Warner Bros.' century-long legacy of world-class storytelling," the two companies said in a statement.
"Beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix's extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction, creating an extraordinary entertainment offering for audiences worldwide."
Netflix has offered a $5bn breakup fee if the deal fails to gain regulatory clearance. It also said it expects to make at least $2bn - $3bn in annual savings by the third year after the deal closes.
Reporting by Frank Prenesti for Sharcast.com
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