Netflix to acquire Warner Bros. Discovery's TV, film studios, streaming division for $72 billion
By acquiring Warner Bros. Discovery, Netflix is set to gain ownership of an array of premium franchises, including Game of Thrones, DC Comics, and Harry Potter. This acquisition further strengthens Netflix’s dominance in Hollywood and shifts the power balance in favor of the streaming giant.
- Dec 5, 2025,
- Updated Dec 5, 2025 6:19 PM IST
Netflix has reached a groundbreaking agreement to acquire Warner Bros. Discovery's TV and film studios and streaming division for a staggering $72 billion, in a move that would give the streaming giant control of some of Hollywood’s most valuable and iconic assets, according to a report by Reuters.
The deal, announced on December 5, marks the conclusion of a competitive, weeks-long bidding war, with Netflix emerging victorious by offering nearly $28 per share — surpassing the nearly $24 bid from Paramount Skydance for the entire Warner Bros. Discovery portfolio, including its cable TV assets set for spinoff, as per the report.
As of Thursday, Warner Bros. Discovery shares closed at $24.5, giving the company a market capitalization of $61 billion.
By acquiring Warner Bros. Discovery, Netflix is set to gain ownership of an array of premium franchises, including Game of Thrones, DC Comics, and Harry Potter. This acquisition further strengthens Netflix’s dominance in Hollywood and shifts the power balance in favor of the streaming giant, which had already reshaped the media industry without relying heavily on large acquisitions or vast content libraries. This move is expected to help Netflix fend off competition from rivals such as Walt Disney and Paramount.
According to industry analysts suggest that Netflix’s purchase of Warner Bros. Discovery is driven by a strategy to secure long-term rights to hit films and TV shows, decreasing its reliance on external studios as it expands into gaming and explores new growth avenues following the success of its crackdown on password sharing.
However, the deal is likely to face significant antitrust scrutiny, both in the US and Europe. Critics have raised concerns that Netflix’s acquisition of a competitor like Warner Bros. Discovery — home to HBO Max and nearly 130 million streaming subscribers — could reduce competition in the streaming industry, as per the Reuters report.
Paramount, led by David Ellison and the originator of the bidding war, raised concerns over the fairness of the sale process in a letter this week, claiming Netflix received preferential treatment during negotiations.
In a statement, Ted Sarandos, co-CEO of Netflix, emphasised the synergy between the two companies. “Our mission has always been to entertain the world,” Sarandos 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,” Sarandos was quoted by Reuters.
Netflix has also assured Warner Bros. Discovery that it will continue to release its films in cinemas, aiming to quell concerns that the acquisition might further reduce theatrical releases, as reported by Reuters.
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Netflix has reached a groundbreaking agreement to acquire Warner Bros. Discovery's TV and film studios and streaming division for a staggering $72 billion, in a move that would give the streaming giant control of some of Hollywood’s most valuable and iconic assets, according to a report by Reuters.
The deal, announced on December 5, marks the conclusion of a competitive, weeks-long bidding war, with Netflix emerging victorious by offering nearly $28 per share — surpassing the nearly $24 bid from Paramount Skydance for the entire Warner Bros. Discovery portfolio, including its cable TV assets set for spinoff, as per the report.
As of Thursday, Warner Bros. Discovery shares closed at $24.5, giving the company a market capitalization of $61 billion.
By acquiring Warner Bros. Discovery, Netflix is set to gain ownership of an array of premium franchises, including Game of Thrones, DC Comics, and Harry Potter. This acquisition further strengthens Netflix’s dominance in Hollywood and shifts the power balance in favor of the streaming giant, which had already reshaped the media industry without relying heavily on large acquisitions or vast content libraries. This move is expected to help Netflix fend off competition from rivals such as Walt Disney and Paramount.
According to industry analysts suggest that Netflix’s purchase of Warner Bros. Discovery is driven by a strategy to secure long-term rights to hit films and TV shows, decreasing its reliance on external studios as it expands into gaming and explores new growth avenues following the success of its crackdown on password sharing.
However, the deal is likely to face significant antitrust scrutiny, both in the US and Europe. Critics have raised concerns that Netflix’s acquisition of a competitor like Warner Bros. Discovery — home to HBO Max and nearly 130 million streaming subscribers — could reduce competition in the streaming industry, as per the Reuters report.
Paramount, led by David Ellison and the originator of the bidding war, raised concerns over the fairness of the sale process in a letter this week, claiming Netflix received preferential treatment during negotiations.
In a statement, Ted Sarandos, co-CEO of Netflix, emphasised the synergy between the two companies. “Our mission has always been to entertain the world,” Sarandos 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,” Sarandos was quoted by Reuters.
Netflix has also assured Warner Bros. Discovery that it will continue to release its films in cinemas, aiming to quell concerns that the acquisition might further reduce theatrical releases, as reported by Reuters.
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