Warner Bros. Discovery: Netflix to acquire Warner Bros. ($82.7bn) after the group's demerger in 2026

Netflix and Warner Bros. Discovery "have entered into a definitive agreement" for the streaming platform to acquire Warner Bros. as part of the planned demerger of the US group into two separate companies (Warner Bros. on one side, Discovery Global on the other), announced the two parties on 05/12/2025. The transaction, unanimously approved by the boards of directors of Netflix and WBD, remains subject to "regulatory approvals and the approval of the shareholders of Warner Bros. Discovery."

The transaction "implying a total equity value of approximately $72bn (€61.7bn) and an enterprise value of approximately $82.7bn (€70.9bn) was "unanimously approved by the boards of directors of both Netflix and WBD. Completion of the transaction is subject to required regulatory approvals, approval of WBD shareholders and other customary closing conditions." It will close "after the separation of WBD into two separate publicly traded companies, which is now expected to be completed in Q3 2026."

Netflix will acquire Warner Bros. film studios, HBO and streaming platform HBO Max, while Discovery…