Two media giants are uniting as Netflix announced its $82.7 billion acquisition of Warner Bros. Discovery. This definitive agreement brings together the streaming revolutionary with Hollywood tradition, creating a merged entertainment company with unprecedented resources for content creation, acquisition, and global distribution across multiple platforms.
Warner Bros. Discovery shareholders will receive $27.75 per share under the terms of the agreement, establishing total equity value at approximately $72.0 billion. The enterprise value of $82.7 billion encompasses Warner Bros. Discovery’s complete portfolio of assets, including production studios, film and television libraries, cable networks, and streaming operations. Both companies’ boards have unanimously endorsed the transaction, reflecting strong leadership alignment.
Ted Sarandos, co-CEO of Netflix, articulated the strategic rationale for the acquisition. He emphasized that combining Warner Bros.’ century-long legacy of quality content with Netflix’s innovative streaming platform will create opportunities to better serve diverse global audiences. The merger provides Netflix with instant access to beloved franchises and classic films while offering Warner Bros. content a platform with hundreds of millions of subscribers.
David Zaslav of Warner Bros. Discovery described the merger as bringing together organizations with shared commitment to entertainment excellence. He noted that Netflix’s technological capabilities and data-driven insights will help Warner Bros. content reach ideal audiences while maintaining the creative standards that have defined the studio throughout its history. The transaction positions both companies to thrive in an entertainment landscape increasingly dominated by streaming.