Netflix has reached a landmark agreement to acquire Warner Bros. Discovery’s studios and major streaming assets, including HBO and HBO Max, in a cash-and-stock deal valued at roughly $82.7 billion, with an equity valuation of $72 billion.

The historic merger brings together Netflix’s expansive global streaming presence and Warner Bros.’ renowned film and television catalogue, significantly strengthening Netflix’s production capacity and content library.

As part of the acquisition, Netflix will take ownership of Warner Bros.’ film and TV studios, HBO, HBO Max, and an extensive archive that includes timeless classics such as Casablanca and The Wizard of Oz.

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Under the terms of the deal, WBD shareholders will receive $23.25 in cash plus Netflix shares worth about $4.50 per share.

Netflix co-CEO Ted Sarandos emphasised that the merger is rooted in a shared mission to elevate global entertainment.

“By combining Warner Bros.’ incredible library of shows and movies with our culture-defining titles, we’ll be able to entertain the world even better,” he said.

The transaction is expected to close within 12 to 18 months, pending regulatory and shareholder approvals. Industry analysts view the move as one of the most significant consolidations in modern media, positioning Netflix more competitively against streaming rivals such as Disney+ and Prime Video.