Netflix to acquire Warner Bros. Discovery for $82.7 billion

Netflix will acquire Warner Bros. Discovery (WBD), including its film and television studios and the HBO platform, for $82.7 billion, the two companies said in a joint statement.

Netflix’s final offer was $27.75 per WBD share, topping a competing bid from Paramount of $24 per share. Comcast also expressed interest during the process; Netflix ultimately prevailed over both Comcast and Paramount after two bidding rounds, the last of which took place on December 1.

The deal does not include the Discovery Global unit, which will be split off. Discovery Global — the television-focused company that will include CNN, TNT Sports, Discovery+ and free-to-air channels in Europe — is expected to be separated before the transaction closes. The acquisition is scheduled to be completed in the third quarter of 2026.

Offers began in October, with early bids from Paramount followed by entries from Netflix and Comcast. Paramount yesterday published an open letter alleging bias in the process that it said favored Netflix.

Netflix co-CEO Ted Sarandos said the move combines “the incredible collection of Warner series and films — from timeless classics like Casablanca and Citizen Kane to modern classics like the Harry Potter saga — with titles that define current culture.” WBD CEO David Zaslav said the deal brings “two of the world’s leading storytelling companies together to reach even more people with entertainment.”