On December 5, 2025, Netflix and Warner Bros. Discovery(WBD) announced a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, as well as its premium streaming service assets namely HBO Max and legacy HBO.
The deal (a mixture of cash and stock) values Warner Bros. at $27.75 per WBD share, for a total enterprise value of about $82.7 billion (with equity at roughly $72.0 billion). The acquisition is conditional on the previously announced spin-off of WBD’s Global Networks division (a new public company to be called Discovery Global) which is expected to complete by Q3 2026, after which the merger could close within 12 to 18 months.
With this transaction, Netflix aims to merge its pioneering streaming platform, powerful global reach with Warner Bros.’ century-long legacy of world-class storytelling, vast film and television libraries, and a stable of blockbuster franchises.
Among the many iconic properties now expected to come under Netflix’s umbrella are franchises and libraries including, but not limited to, Game of Thrones, the DC Universe (Batman, Superman, etc.), older film and television classics, and blockbuster properties from Warner Bros. Meanwhile, Netflix’s own catalog already housing hits such as Wednesday, Money Heist, Bridgerton, Extraction, among others stands to be enriched by decades of additional content.
This deal isn’t just about stacking catalogues. Netflix’s leaders frame this merger as a bold step toward “defining the next century of storytelling.” According to official statements, the plan is to maintain Warner Bros.’ current operations, including theatrical releases for films, which helps assuage concerns in Hollywood over streaming-only models sidelining theaters.
From a consumer’s perspective, Netflix argues that the merger will bring more choice, greater value, and access to an expanded universe of high-quality content under one roof; for creative professionals, it promises a broader, global audience for beloved intellectual properties and potentially more opportunities to create new stories tied to legacy IP. Financially and operationally, Netflix expects to benefit from economies of scale: the company projects $2–3 billion in cost savings per year by the third year following the deal’s closure. Yet, the deal is not without significant risk or skepticism. Because the acquisition would combine two major content powerhouses, the merged entity would possess enormous market share in streaming and entertainment. Critics argue this could stifle competition, reduce diversity in content creation, and concentrate power among too few companies. Regulatory scrutiny is expected to be intense in the U.S. and international markets.
While Netflix says it intends to preserve Warner Bros.’ theatrical business and continue releasing films in cinemas, many still worry about the long-term implications for theatrical windows, film distribution dynamics, and whether future releases might default to streaming.
For fans and subscribers worldwide — including in Nigeria and beyond — the upside is obvious: a single platform with an unparalleled variety of content: modern series, streaming originals, timeless classics, blockbuster movies, and iconic franchises. One can imagine a future where fans discover Warner Bros. blockbusters side-by-side with Netflix originals, making Netflix even more of a one-stop entertainment destination.