The deal – pending some regulatory approvals – would put the biggest IPs in the world like Harry Potter, DC Comics, Game of Thrones, Friends, Stranger Things, Wednesday, and Squid Game under the same roof.
In what amounts to a seismic shift for Hollywood, Netflix has officially struck a deal to acquire Warner Bros. — including its storied film and TV studios plus streaming arm HBO Max — in a blockbuster transaction valued at $82.7 billion. The agreement melds Netflix’s global streaming dominance with the century-plus legacy of Warner Bros., promising to reshape the entertainment landscape.
Under the terms, Netflix will acquire Warner Bros.’ production studios, extensive film and television libraries, and streaming assets. Iconic franchises — from DC Comics and Batman to Harry Potter, Game of Thrones, The Wizard of Oz, The Lord of the Rings, and classic titles like Casablanca — now fall under the Netflix umbrella. The agreement comes after a fierce bidding war in which Netflix outbid rivals including Comcast and Paramount-Skydance.
For Netflix, the acquisition represents a strategic pivot from building content internally and licensing externally — to owning a vast, legacy-rich content vault. In a press release, Netflix co-CEO Ted Sarandos said the aim is to “define the next century of storytelling” by merging Warner Bros.’ storied catalog with Netflix originals like Stranger Things and Squid Game.
But the deal hasn’t been greeted with universal applause. Film-theater groups and industry organizations have voiced alarm over what they see as a threat to theatrical exhibition and creative diversity. An anonymous coalition of filmmakers and industry professionals launched an open letter urging legislators to block the merger, arguing it could centralize too much power in a single streaming giant.
The acquisition depends on regulatory approval and the planned spin-off of Warner’s cable networks (such as CNN and TNT), which is expected to complete by the third quarter of 2026. Only then will the full integration of studios, streaming, and content libraries take effect. The negotiation includes a $5.8 billion termination fee should the deal collapse.
If the deal goes through, the Netflix-Warner Bros. union would be the biggest media merger in history, combining some of the most lucrative and recognizable titles in pop culture under the same structure.