Netflix agrees $82bn deal to purchase Warner Bros studios
Netflix has agreed a historic $82billion deal to purchase Warner Bros Discovery's film and TV studios - giving it control over franchises like Harry Potter, Game of Thrones and Batman.
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The streaming giant saw off competition from Paramount and Skydance to purchase the legendary film studio.
The deal has seen Netflix agree a $27.75 share price for WBD, making the total value of the acquisition $82.7bn.
Experts have warned the purchase could face scrutiny from competition regulators over its effect on the film industry and is not likely to be completed until at least 2027.
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Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8
— Netflix (@netflix) December 5, 2025
WBD’s CNN and TNT sports channels are not part of the planned purchase.
Ted Sarandos, the co-chief executive of Netflix, said: "By combining Warner Bros’ incredible library of shows and movies - from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends - with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we'll be able to do that even better.
"Together, we can give audiences more of what they love and help define the next century of storytelling."
"This acquisition will improve our offering and accelerate our business for decades to come," added Greg Peters, co-CEO of Netflix.
"Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities.
“With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders."
David Zaslav, President and CEO of WBD, said: "Today's announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most.
"For more than a century, Warner Bros. has thrilled audiences, captured the world's attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come."