In a significant move, Netflix has announced its acquisition of Warner Bros. and its streaming platform HBO Max for approximately $82.7 billion. The deal will see Netflix take over the entire studio, including its film and TV studios, gaming business, and HBO Max. This acquisition marks a major shift in the entertainment industry, with Netflix now owning one of the largest media companies in the world.
The agreement was reached after a long bidding war between Netflix and other competitors, including Paramount Skydance and Comcast. The deal is expected to be completed within 12-18 months, pending regulatory approvals and other conditions.
As part of the acquisition, Netflix plans to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films. The company will also keep HBO Max as a separate service, but will add HBO content to its lineup.
Netflix expects to see cost savings of $2 billion-$3 billion annually by the third year after the deal closes, and predicts that the transaction will be accretive to earnings per share by year two. The company has also announced plans to expand US production capacity and grow investment in original content.
The acquisition is expected to bring together two pioneering entertainment businesses, combining Netflix’s innovation and global reach with Warner Bros.’ century-long legacy of world-class storytelling. The deal will see beloved franchises like “Harry Potter” and “Friends” join Netflix’s extensive portfolio, creating an extraordinary entertainment offering for audiences worldwide.
However, the deal has also raised concerns about antitrust issues, particularly given Netflix’s current market dominance. Some industry groups have expressed fears that Netflix’s takeover of Warner Bros. will harm the movie theater business.
Despite these concerns, Netflix is confident in its ability to enhance the streaming experience and create more opportunities for talent. The company has announced plans to introduce a broader audience to the worlds created by Warner Bros., attracting more fans to its best-in-class streaming service.
Overall, this acquisition marks a significant shift in the entertainment industry, with Netflix now owning one of the largest media companies in the world.
Source: https://variety.com/2025/tv/news/netflix-to-acquire-warner-bros-82-7-billion-deal-1236601034