Netflix is set to acquire Warner Bros. Discovery’s studio and streaming assets in a deal valued at $82.7 billion, including debt, according to The New York Times. The transaction is expected to close by the third quarter of 2026.
“Together, we can give audiences more of what they love and help define the next century of storytelling,” Ted Sarandos, Netflix’s co-chief executive, said in a statement.
Industry reports previously indicated that Netflix, the company credited with transforming at-home movie streaming and now boasting more than 300 million subscribers, was well-positioned to win the bidding war for Warner Bros. Discovery, beating out Paramount and Comcast.
Netflix’s pitch reportedly included a pledge to maintain theatrical releases for Warner Bros. Discovery films, a surprising concession given Netflix’s longstanding preference for bypassing cinemas for most of its titles.
If approved by federal regulators, the acquisition will make Warner Bros. Discovery the first major legacy Hollywood studio to be absorbed by a Silicon Valley rival.
The impending sale has already sent ripples through the global media landscape. MultiChoice, a Canal+ company, announced that 11 Warner Bros. Discovery channels will exit its DStv platform when their distribution deal expires on December 31, 2025. The affected channels include CNN International, Food Network, and Cartoon Network, among others.
