Netflix Acquires Warner Bros. in Historic $82.7 Billion Streaming Megadeal

Netflix has agreed to acquire Warner Bros. in a landmark deal. The announcement was made on Friday, December 5, 2025. The transaction carries an enterprise value of $82.7 billion.This merger is among the largest in Hollywood history. It includes the HBO Max streaming service and the famed HBO studio. The deal transforms Netflix‘s content library overnight.

Financial Scale and Content Power Reshape the Market

Netflix is investing $72 billion to secure the deal. This figure exceeds Warner Bros. Discovery’s recent market valuation of $60 billion. According to Reuters, the move solidifies Netflix’s dominance.The acquisition grants Netflix iconic franchises. It now controls DC Comics, “Game of Thrones,” and “Harry Potter.” Netflix’s subscriber base of over 300 million will gain access to this vast new library.Warner Bros. Discovery’s streaming services have about 128 million subscribers. Combining these audiences creates an unprecedented giant. The companies aim to finalize the transaction in 12 to 18 months.

Antitrust Hurdles and Industry Backlash Emerge

The deal is not guaranteed to pass regulatory scrutiny. It is already facing significant political and antitrust challenges. Several U.S. senators have publicly expressed deep concerns.Senators Elizabeth Warren, Bernie Sanders, and Richard Blumenthal sent a letter to the Justice Department. They warned the deal would be viewed under a “cloud of political favoritism.” An anonymous industry group also urged Congress to oppose the sale, reports Variety.Warner Bros. Discovery had put itself up for sale in October. The company was struggling with substantial debt. Its streaming growth had failed to meet expectations.

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The Netflix Warner Bros. acquisition represents a seismic shift in media. If approved, it will redefine competition for decades. The streaming wars may have just found their ultimate champion.

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What does Netflix get in the Warner Bros. deal?

Netflix acquires the entire Warner Bros. studio and the HBO Max service. This includes legendary franchises like DC Comics, “Game of Thrones,” and the Wizarding World. The deal dramatically expands its content vault and production capabilities.

How much is Netflix paying for Warner Bros.?

The total enterprise value of the deal is $82.7 billion. Netflix’s direct investment is reported to be $72 billion. This price surpassed the company’s market valuation at the time of the offer.

When will the Netflix-Warner Bros. deal close?

The companies estimate the transaction will take 12 to 18 months to complete. The target for finalization is the third quarter of 2026. This timeline allows for regulatory review and corporate separation steps.

Why is the deal facing antitrust scrutiny?

Lawmakers are concerned about excessive market consolidation. Combining two of the largest content libraries could reduce competition. Senators have asked the Justice Department to investigate the merger closely.

What happens to HBO Max after the acquisition?

HBO Max is expected to be integrated into the Netflix platform. Its vast library of series and films will become part of the Netflix service. The long-term branding of the HBO Max app is unclear.

Who else was interested in buying Warner Bros.?

Several companies showed interest, with Paramount considered a leading contender. Warner Bros. Discovery initiated a formal sale process in October 2025. Netflix ultimately presented the winning bid.