On Friday Netflix announced the acquisition of Warner Bros. Discovery's cinema and streaming assets for a total of $72bn, ending a tight bidding war with Paramount, Skydance, and Comcast. The deal, unanimously approved by the boards of both groups, values each WBD share at $27.75, consisting of $23.25 in cash and $4.50 in Netflix stock. Enterprise value is estimated at $82.7bn, and the agreement is expected to be closed within 12 to 18 months, after Warner Bros. completes its TV network spin-off planned for Q3 2026.
The deal involves Warner Bros. Studios, home to major franchises such as "Harry Potter," "DC Comics," or "The Wizard of Oz," as well as the HBO Max platform and its cult series like "The Sopranos" and "Game of Thrones." Warner Bros. Discovery will retain its cable networks grouped under Discovery Global. For Netflix, this strategic alliance aims to expand its content catalog and strengthen its position in a rapidly evolving sector. Ted Sarandos, co-CEO of Netflix, hailed a partnership designed to "shape the next century of storytelling."
The transaction could reshape the global entertainment industry by pairing the streaming leader with one of Hollywood's most iconic studios. Netflix has agreed to pay a breakup fee of $5.8bn in case of regulatory blocking, while Warner Bros. Discovery would owe $2.8bn in the event of a withdrawal in favor of another bid. This deal marks a new milestone in industry consolidation, where alliances between digital groups and legacy studios become a major lever of competitiveness.
