Netflix, Inc. has agreed to acquire Warner Bros. Discovery, Inc., including its film and television studios and the HBO and HBO Max brands, in a cash-and-stock transaction valuing the company at an enterprise value of approximately $82.7 billion.  

The deal is expected to close 12–18 months after the previously announced separation of WBD’s Global Networks division into Discovery Global, a new publicly traded company slated for completion in the third quarter of 2026.  

Under the terms, Warner Bros. Discovery shareholders will receive $23.25 in cash and $4.50 in Netflix common stock for each WBD share, implying a total value of $27.75 per share. Netflix co-CEO Greg Peters said the acquisition will strengthen the company’s content offering for decades, emphasizing Warner Bros.’ century-long legacy and creative capabilities, while WBD CEO David Zaslav called it a combination of “two of the greatest storytelling companies in the world.”  

Netflix plans to maintain Warner Bros.’ current operations, including theatrical releases, while targeting at least $2–3 billion in annual cost savings by year three and accretive GAAP earnings per share by the second year post-close. Discovery Global will retain premier networks such as CNN, TNT Sports, Discovery-branded channels and Discovery+, focusing on news, sports, and general entertainment worldwide.  

Moelis & Company and Wells Fargo are advising Netflix, with Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel and BNP and HSBC providing committed debt financing, while Allen & Company, J.P. Morgan, Evercore, Wachtell Lipton, and Debevoise & Plimpton advise Warner Bros. Discovery.