Netflix–Warner Bros. $82.7 Billion Deal: What It Means for Viewers as Iconic Franchises Join the Platform

Netflix users just received an early holiday surprise. After years of fans wondering why major franchises like Game of Thrones and Harry Potter never arrived on the world’s largest streaming platform, that wait is almost over. Netflix has struck an extraordinary $82.7 billion deal to acquire Warner Bros. Discovery (WBD), paving the way for some of the most influential film and TV universes to land directly on the service.

The companies announced the agreement on Friday, confirming that both boards have unanimously approved a “definitive agreement” for Netflix to take control of WBD’s entertainment assets. The acquisition includes HBO, the HBO Max streaming service, Warner Bros.’ legendary film and television studios, and DC Entertainment—making this one of the largest and most consequential mergers in modern entertainment history.

According to Netflix’s SEC filing, the deal values WBD’s equity at $72 billion, with the total enterprise value rising to $82.7 billion after accounting for debt. Netflix offered $27.75 per share, outbidding competitors including Paramount–Skydance and Comcast’s NBCUniversal, both of which were exploring merger possibilities earlier this year.

Netflix co-CEO Ted Sarandos called the moment transformative, saying, “Our mission has always been to entertain the world. Together, we can give audiences more of what they love and help define the next century of storytelling.” His fellow co-CEO Greg Peters added that the move “will improve our offering and accelerate our business for decades to come.”

On the Warner Bros. side, CEO David Zaslav described the merger as the coming together of creative giants. “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,” he said.

Before the merger officially closes, the companies must secure approval from the U.S. Securities and Exchange Commission. The transaction is expected to finalize in the third quarter of 2026, following the planned spin-off of Discovery Global, WBD’s international networks business, into a separate publicly traded company.

For Warner Bros. Discovery, the agreement marks the end of a tumultuous period defined by intense streaming competition, heavy debt, and strategic uncertainty. For Netflix, it represents a bold expansion and a definitive step toward becoming the central hub for nearly every major entertainment franchise.

What This Means for Viewers

Once the merger is completed, Netflix subscribers will gain access to a vast catalogue of WBD’s most celebrated titles. This includes HBO originals such as Game of Thrones, Succession, and The Last of Us, as well as blockbuster film series like Harry Potter, The Dark Knight trilogy, and the full DC Comics collection.

Netflix says it intends to maintain Warner Bros.’ theatrical film strategy while potentially speeding up the window between cinema releases and streaming availability. The company is also exploring bundled or integrated content tiers, describing HBO and HBO Max titles as a “compelling, complementary offering.”

For audiences, this could result in one of the most comprehensive streaming libraries ever assembled—bringing together Netflix’s originals with decades of Warner Bros.’ storytelling legacy.