In a move that is already reshaping the future of global entertainment, Netflix has announced that it has finalized a definitive agreement to purchase the Warner Bros. film and television studio from Warner Bros. Discovery (WBD). The landmark deal, valued at an estimated $72 billion through a mix of cash and stock, marks one of the most significant mergers in modern Hollywood history.
The companies revealed the agreement on December 5, 2025, noting that the transaction is expected to close sometime in 2026, pending regulatory approval from U.S. and international authorities. If completed, the acquisition would give Netflix control of the iconic Warner Bros. studio lot in Burbank, along with one of the most celebrated content libraries in the world.
The purchase grants Netflix the rights to some of entertainment’s most influential franchises, including the Harry Potter universe, DC Comics characters such as Batman and Superman, The Lord of the Rings films, The Matrix series, and a deep catalog of beloved television hits like Friends and The Big Bang Theory. These properties have generated billions in revenue over decades and remain cultural pillars with massive global fandoms.
Despite the scale of the deal, several major WBD assets will remain separate. Television networks such as CNN, HBO, and Discovery-branded channels, as well as the streaming platform Max, are not part of the agreement and will continue operating under Warner Bros. Discovery.
Industry observers describe the acquisition as a dramatic turning point for Netflix, elevating the company from a technology-driven streaming disruptor into the owner of a century-old Hollywood studio with unparalleled production capacity and legacy value. Analysts note that Netflix’s new control of an extensive intellectual property archive will strengthen its competitive position at a time when streaming platforms are fighting for long-term subscriber loyalty.
Netflix has indicated it will continue licensing some Warner Bros. content to outside partners while reserving certain high-value titles for exclusive release on its own platform. The company also confirmed that it does not plan to raise subscription fees because of the acquisition, though future pricing decisions will depend on market conditions.
Operational details-such as leadership structure, integration plans, and future production strategies-have not yet been outlined, but both companies suggest that more information will be shared as the closing process advances.
If regulators approve the merger, the acquisition would signal a new era for Netflix as it blends its global streaming dominance with one of Hollywood’s most storied creative engines.
