Netflix confirms acquisition of Warner Bros Discovery
Netflix have confirmed the purchase of Warner Bros Discovery in a $72 billion deal.
Hours after it was reported that Netflix had entered exclusive talks with Warner Bros Discovery, the streaming platform released a public statement that confirmed an agreement had been reached. They have also acquired HBO Max and HBO.
As part of the deal, they will pay $27.75 per share in Warner Bros Discovery, which gives it a purchase value of $72.0 billion, and the total assets a value of $82.7 billion.
Netflix beat competition from the likes of Paramount Skydance, and Comcast to Warner Bros Discovery, which was placed on the market in October.
In a press release, Netflix explained, “The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.”
It also namechecked several huge intellectual properties in the realm of film and television which Netflix have now acquired, including The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe.
Ted Sarandos, co-CEO of Netflix, said in a statement, “Our mission has always been to entertain the world.”
He continued, “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to 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.”
The statement concluded, “Together, we can give audiences more of what they love and help define the next century of storytelling.”
Meanwhile, David Zaslav, president and CEO of Warner Bros Discovery, 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.”
Zaslav added, “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.”
While the two companies have reached an agreement, it is yet to be signed off on by the relevant authorities and will likely be scrutinised by competition regulators in the United States.