In a historic move reshaping global entertainment, Netflix has agreed to acquire Warner Bros. Discovery in a deal valued at $82.7 billion in enterprise terms.
Announced on Friday, the agreement will see Warner Bros. shareholders receive $27.75 per share in cash and Netflix stock. Before the transaction closes, Warner Bros. will spin off its cable networks, including CNN, TBS and TNT.
The acquisition marks Netflix’s largest and most ambitious deal, giving the streaming giant ownership of HBO and access to an extensive catalogue including The Sopranos, The White Lotus, Harry Potter and Friends. Warner Bros., which put itself up for sale in October, attracted multiple bidders, including Paramount Skydance and Comcast, sparking a contentious bidding process.
For Netflix, the purchase strengthens its dominance as traditional TV continues to contract sharply, with Warner Bros.’ cable division reporting a 23% revenue decline last quarter.
