Netflix Strikes $72 Billion Deal to Acquire WB & HBO

Netflix has announced a $72 billion agreement to purchase Warner Bros. and HBO from Warner Bros. Discovery (WBD), a move that could merge one of the biggest streaming platforms with one of Hollywood’s most influential studios. 

The deal would give Netflix control of major franchises like Batman, Harry Potter, and Game of Thrones, as well as oversight of a top-performing theatrical studio, a notable shift for a company long skeptical of movie theaters.

The acquisition, however, must pass strict regulatory reviews in the U.S. and abroad. Some lawmakers have already raised antitrust concerns, setting the stage for a lengthy approval process.

The announcement came as WBD reaffirmed plans to split into two companies in 2026. Netflix aims to buy the Warner-focused half once the separation is complete, while the other half, Discovery Global, will house CNN and cable networks.

The deal surprised industry insiders, as Paramount had long been considered the frontrunner. 

But Netflix surged ahead with aggressive bids earlier this week. Netflix co-CEO Ted Sarandos said the acquisition is a rare opportunity that aligns with the company’s mission to expand globally.

The entertainment industry has reacted with skepticism, especially among movie theaters worried about Netflix’s limited commitment to theatrical releases. 

Netflix said it plans to maintain and build on Warner Bros.’ cinema operations.

If approved, analysts say the merger could effectively end the “streaming wars,” cementing Netflix as Hollywood’s dominant global force.