Last December, Netflix announced that they will be buying entertainment giant Warner Bros. at $72 billion U.S. dollars after the separation of Warner Bros. Discovery, which is set to occur halfway through 2026. This acquisition directly involves Warner Bros.’ “Streaming & Studios,” which consists of their television, motion picture, and gaming studios, along with HBO, HBO Max, DC Studios and its associated IPs. Meanwhile, “Global Networks,” which will host CNN, TNT Sports, as well as premier entertainment will now be called “Discovery Global.”
Co-CEO of Netflix, Ted Sarandos, expressed that their goal was and still remains to bring entertainment to the rest of the globe. By combining both companies’ strengths and resources, they can continue to provide content that is both entertaining and culturally defining to their audiences.
With Netflix’s purchase of Warner Bros. comes along the acquisition of a plethora of widely known properties and franchises, that include Game of Thrones (2011-2019), Dune (2021), The Lord of the Rings (2001), The Wizard of Oz (1939), and the DC Universe. They will also have the rights to hit shows like Friends (1994-2004), The Big Bang Theory (2007-2019), Looney Tunes (1930-2014) and Hanna-Barbera’s roster.
On Monday, Dec. 8, 2025, Paramount made an offer to acquire Warner Bros. Discovery, paid in cash, for an amount of approximately $77.9 billion, or $30 U.S. dollars per share — significantly more than Netflix’s offer at $72 billion, at $27.75 U.S. a share. Paramount also sought to purchase the cable assets that Netflix did not want to purchase. Despite this, Warner Bros. and Netflix’s deal remains in place as of Jan. 15. While this change may appear imminent, the acquisition process must first be confirmed and finalised before passing regulatory approval — which could take anywhere between 12 to 18 months to officially mark the end of the transaction.
One thing to consider will be the operational difference between Netflix and Warner Bros., which Forbes contemplated that even if the transaction’s impact on the television aspect is positive for Netflix, it may create unexpected friction for the film side of operations. The theatrical releases under Warner Bros.’ umbrella will now be the direct responsibility of Netflix, which includes handling the releases of upcoming films and possibly rethinking their theatrical plan and execution. The merging of two entertainment giants, with Netflix being the world’s largest streaming platform, has sparked conversations with the U.S. government about concerns of this potentially becoming an entertainment monopoly.
Paramount, whose offers Warner Bros. has reportedly turned down numerous times, is still engaged in a bidding war to acquire the entertainment company. Netflix expects its transaction with Warner Bros. to be completed in the third quarter of this year, with the total enterprise value estimated to be approximately $82.7 billion.
