Netflix is securing its streaming future through a definitive agreement to buy Warner Bros. Discovery for $82.7 billion. This transformative transaction merges the platform that pioneered subscription streaming with a studio whose production legacy spans Hollywood history, creating a company positioned to lead entertainment for decades to come.
Under the agreed terms, Warner Bros. Discovery shareholders will receive $27.75 per share, establishing total equity value at approximately $72.0 billion. The $82.7 billion enterprise value encompasses Warner Bros. Discovery’s full range of assets, including film studios, television networks, content libraries, and streaming platforms. Both companies’ leadership teams have unanimously approved the transaction, demonstrating alignment on its strategic value.
Ted Sarandos, Netflix’s co-CEO, described the acquisition as advancing Netflix’s mission to entertain global audiences. He emphasized that combining Warner Bros.’ timeless classics and contemporary hits with Netflix’s culture-defining original programming will create an entertainment platform unmatched in quality and diversity. This merger represents Netflix’s evolution into a fully integrated entertainment company.
David Zaslav, leading Warner Bros. Discovery, praised the merger as ensuring Warner Bros.’ continued cultural relevance. He noted that Netflix’s technological innovation and global reach provide the perfect vehicle for delivering Warner Bros. content to audiences worldwide while preserving the creative standards that have defined the studio. The transaction reflects a strategic vision that adapts to industry changes while honoring entertainment traditions.