Netflix Acquires Warner Bros. Studios and HBO in Landmark $82.7 Billion Megadeal

Netflix announced a $82.7 billion cash-and-stock agreement to acquire Warner Bros. studios, HBO, and HBO Max from Warner Bros. Discovery, valuing WBD shares at $27.75 and contingent on WBD spinning off its Global Networks (including CNN, TNT Sports, and Discovery+) by Q3 2026. Netflix intends to maintain Warner Bros.’ theatrical operations while integrating its extensive libraries, touting enhanced offerings for audiences and creators, and projects $2–3 billion in annual cost savings by year three with accretive earnings by year two.