Netflix has agreed to acquire Warner Bros' film and TV studios along with HBO/HBO Max from Warner Bros Discovery (WBD) in a colossal cash-and-stock deal, announced on December 5, 2025.

• The acquisition is valued at an enterprise total of approximately $82.7 billion and an equity value of $72 billion, or $27.75 per Warner Bros Discovery share.
• Netflix will gain control of Warner Bros' film and TV studios, including labels like New Line and DC Studios, and the entire HBO/HBO Max streaming business.
• The deal excludes Discovery Global's linear TV networks, which will be spun off into a separate public company prior to the close.
• The merger faces scrutiny from Hollywood producers and global regulators concerned about market consolidation and its potential impact on creative diversity.
• For regions like Kenya, the acquisition holds potential to significantly improve access to popular content previously unavailable or difficult to access legally, which could impact piracy rates.