Netflix–Warner Bros deal hands HBO, Batman and Harry Potter to the streamer in a sweeping £55bn takeover

Highlights

• Netflix is buying Warner Bros. Discovery in a huge £55 billion (₹5.97 trillion) deal.
• The sale hands Netflix control of HBO and the full Warner Bros. studio catalogue.
• WBD shareholders will receive cash plus Netflix stock, adding up to $27.75 a share.
• The Global Networks arm (CNN, TNT, TBS) will be spun off first, set for 2026.

Netflix has struck a £55 billion (₹5.97 trillion) deal to acquire Warner Bros. Discovery. The agreement gives the streaming giant control over HBO, HBO Max, and Warner Bros.’ film and TV studios. It also brings a huge catalogue of shows and films, from Game of Thrones to Harry Potter and the DC Universe. The move marks a major expansion for Netflix, which has largely built its business without owning a big studio.

Netflix’s takeover of Warner Bros gives the streamer full control of HBO and its landmark show Getty Images

Why Netflix moved

Netflix has grown on original shows and licenced content. Owning Warner Bros. changes that. It gives the company permanent access to some of the most valuable content in Hollywood. HBO Max alone adds about 130 million streaming subscribers.

Ted Sarandos, Netflix co-CEO, said the combination will allow them to “give audiences more of what they love.” He added it joins Netflix’s global reach with decades of studio experience.

Netflix\u2019s takeover of Warner Bros gives the streamer full control of HBO and its landmark show Getty Images

The deal in numbers

WBD shareholders will receive £17.57 in cash and £3.40 in Netflix stock for each share they hold, valuing Warner Bros. Discovery at £20.97 a share. When debt is included, the takeover places Warner Bros.’ total enterprise value at £62.6 billion (₹5.6 trillion).

Before anything is signed off, Warner Bros. has to peel off its Global Networks unit. That includes CNN, TNT, TBS and Discovery+. The company has already told investors the carve-out should be wrapped up by the third quarter of 2026. Only after that does the Netflix takeover move to the finish line.

The deal hands Netflix the Burbank lot and the full studio library. Shows such as Friends and The Sopranos come with it, along with decades of films including old, recent, all of it. Netflix has also told partners it isn’t dropping cinema runs and will keep sending major titles to theatres.

HBO MaxHBO Max Partners

Industry reaction

News of the agreement travelled fast through Hollywood. Paramount had been chasing Warner Bros. as well, and Comcast kept a seat at the table, but Netflix pushed ahead with the strongest offer.

Several lawmakers have already raised questions about competition. One of them, Republican Darrell Issa, sent a note to US regulators saying the deal could leave viewers worse off. Netflix has pushed back. The company says putting both catalogues under one roof could cut costs for subscribers and avoid splitting shows across multiple services.

Netflix now owns HBO’s entire library including major series and long-running global titlesiStock

What it means for streaming

Netflix strengthens its lead over rivals like Walt Disney and Paramount. Owning Warner Bros. gives the company control over long-term rights to major shows and films. Analysts say the deal could save £1.51–£2.27 billion annually by the third year. The acquisition will combine a century-old studio with a global streaming powerhouse. David Zaslav, WBD CEO, said the deal ensures “people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”