Netflix’s share of the deal stands at around 72 billion dollars, marking a major expansion of the company’s influence within the global entertainment industry.
The announcement came after intense competition, as Netflix outbid Paramount’s Skydance and Comcast to secure Warner Bros. Discovery. Under the agreement, shareholders of Warner Bros. Discovery will receive 23.25 dollars in cash and 4.50 dollars in Netflix stock for each share once the transaction is completed.
Netflix stated that it intends to maintain Warner Bros.’ existing operations, including theatrical releases, which are expected to continue through 2029. HBO Max will remain a separate streaming service for the time being, although Netflix plans to gradually incorporate Warner Bros. and HBO titles into its own platform.
The company projects savings of two to three billion dollars annually within the first three years following the merger.
Netflix co-CEOs Ted Sarandos and Greg Peters said the merger will unite iconic films such as Casablanca and the Harry Potter series with Netflix originals including Stranger Things and Squid Game. Warner Bros. Discovery CEO David Zaslav described the acquisition as a major milestone for global storytelling.
Industry analysts noted that the move reflects Netflix’s transformation from a disruptive newcomer to one of Hollywood’s most influential forces, combining powerful franchises, rich content libraries and global reach. Many observers also highlighted the irony that Netflix, once considered a small competitor, is now set to acquire one of the most storied names in the entertainment world.
