Subscription-based streaming giant Netflix has announced plans to acquire media and entertainment powerhouse Warner Bros. Discovery. The plan was revealed through an official statement published on Netflix’s website on Friday, December 5, 2025.
Both companies have signed a definitive agreement to move forward with the acquisition.

The cash-and-stock deal values Warner Bros. shares at US$27.75 each. The total enterprise value is estimated at US$82.7 billion, with equity valued at about US$72 billion, or roughly Rp1,201 trillion. Yahoo Finance describes the transaction as the largest in the history of the global entertainment industry.

Netflix stated that iconic titles such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe will join its extensive catalog, alongside Netflix originals like Wednesday, Money Heist, Bridgerton, Adolescence, and Extraction. The merger is expected to deliver an exceptional entertainment offering for worldwide audiences.

“This acquisition unites two pioneers of the entertainment business, combining Netflix’s innovation, global reach, and best-in-class streaming service with Warner Bros.’ world-class storytelling legacy spanning more than a century,” Netflix said.

“The transaction is expected to close following the previously announced separation of Warner Bros Discovery’s Global division into a new public company, anticipated to be finalized in the third quarter of 2026,” the company added.

The statement further explains that under the agreement, each Warner Bros shareholder will receive US$23.25 in cash and US$4.50 in Netflix common stock for every share they own at the time of closing. This brings the deal value to US$27.75 per share, implying an equity value of around US$72 billion and an enterprise value of about US$82.7 billion.

Warner Bros had earlier announced in June 2025 that its Streaming & Studio division and Global Networks division would be spun off into two separate publicly traded companies. The split is expected to be completed by Q3 2026, prior to the closing of the acquisition.

“The newly separated public company, which will oversee the Global Networks division, will include leading entertainment, sports, and news television brands worldwide—such as CNN, TNT Sports in the U.S., Discovery, various free-to-air channels across Europe, and digital properties like Discovery+ and Bleacher Report,” Netflix noted.

“The deal has been unanimously approved by the boards of directors of both Netflix and Warner Bros. In addition to completing the Discovery Global separation, closing the acquisition requires regulatory approval, Warner Bros shareholder approval, and other standard closing conditions. The process is expected to take 12–18 months,” Netflix stated.

Netflix co-CEO Ted Sarandos added that integrating Warner Bros’ library—from timeless classics to contemporary hits—will strengthen Netflix’s entertainment offerings.

“Together, we can deliver more of what audiences love and help define the next century of storytelling,” he said.

Warner Bros President and CEO David Zaslav echoed this sentiment.

“For more than a century, Warner Bros has captivated audiences, shaped culture, and inspired the world. By partnering with Netflix, we can ensure that the most memorable