In one of the most groundbreaking deals the streaming world has ever seen, Netflix announced on Friday its acquisition of Warner Bros. with an enterprise value of $82.7 billion.
This agreement involves both HBO Max and the HBO studio, marking one of the largest mergers in Hollywood’s history. By making this move, Netflix is not just solidifying its top position but also significantly enhancing its content library, gaining access to well-known franchises such as DC Comics, “Game of Thrones,” and “Harry Potter.”
While Netflix boasted over 300 million paying subscribers in January, HBO Max, in combination with Discovery+, currently has around 128 million subscribers.
Additionally, the scale of Netflix’s offer is notable, as the streaming giant is investing $72 billion, which exceeds Warner Bros.’ entire market valuation of $60 billion.
However, this merger isn’t without its challenges; it could face antitrust scrutiny.
In November, senators Elizabeth Warren, Bernie Sanders, and Richard Blumenthal expressed concerns regarding the potential sale. The trio sent a letter to the Justice Department Antitrust Division indicating that any agreement would be viewed “under a cloud of political favoritism and corruption.”
Additionally, various industry players are expressing their views. According to Variety, an anonymous group reportedly sent a letter to Congress urging them to publicly oppose Netflix’s offer.
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Warner Bros. Discovery officially put itself up for sale in October, burdened by debt and disappointing streaming growth. The company attracted interest from several suitors, with Paramount seen as the frontrunner.
The acquisition is expected to finalize in the third quarter of 2026, after Warner Bros. Discovery follows through with its plan to separate from Discovery Global, which includes its collection of pay TV networks, such as TNT and CNN.
The companies estimate that the transaction, a mix of cash and stock, will be completed within 12 to 18 months.
