Netflix to acquire Warner Bros.

Netflix will acquire Warner Bros. in a $72 billion deal expected to close after the previously announced separation of Warner Bros. Discovery’s Global Networks division, Discovery Global, into a new publicly-traded company, which is expected to be completed in Q3 2026, the company announced.

The acquisition will bring franchises, shows, and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe to Netflix’s extensive portfolio, as well as brands like HBO and HBO Max.

In the video games space, the acquisition means Warner Bros. Games and its subsidiaries—including Avalanche Software, NetherRealm Studios, Portkey Games, Rocksteady Studios, TT Games, WB Games Boston, WB Games Montreal, WB Games New York, and WB Games San Francisco—will soon be under the Netflix banner.

“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos in a press release. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablancaand Citizen Kaneto 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.”

Netflix co-CEO Greg Peters continued, “This acquisition will improve our offering and accelerate our business for decades to come. 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.”

Warner Bros. Discover president and CEO David Zaslav 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.”