Warner Bros Discovery — home to franchises like Harry Potter, Game of Thrones and the HBO Max streaming service — has agreed to be acquired by Netflix in a landmark $72 billion deal that could transform the U.S. entertainment industry.
A historic streaming takeover
Netflix emerged as the leading bidder ahead of Comcast and Paramount Global after a prolonged battle. Analysts say the acquisition could reshape the media landscape but may face resistance from antitrust regulators.
Ted Sarandos said combining Warner’s vast catalog with Netflix hits such as Stranger Things would allow the companies to “shape storytelling for the next century.” He described the deal as a “rare opportunity” that positions Netflix for long-term success. 
Leadership statements and expectations
Warner Bros CEO David Zaslav said the merger would unite “two of the world’s greatest storytelling companies,” ensuring global audiences continue to enjoy impactful content for generations.
The transaction includes a share price of $27.75, total enterprise value of $82.7 billion and $72 billion in cash. Boards of both companies have approved the deal unanimously.
Industry impact and challenges ahead
Netflix expects the acquisition to expand its studio capabilities and increase investment in original content. Warner is proceeding with previously announced plans to separate its streaming and studio division from global networks such as CNN before the acquisition finalizes.
Analysts warn that the size of the merger could create a “global entertainment superpower,” raising concerns about consolidation and reduced production output.
Possible consequences for consumers and Hollywood
Experts predict higher subscription prices and fewer new projects if the merger goes through. Tom Harrington of Enders Analysis says approval of the deal “would reorient Hollywood,” potentially leading to resistance from unions and traditional studios.
Source: BBC Photos: Pexels, Getty images
