Netflix has announced a definitive agreement to acquire Warner Bros. Discovery in an $82.7 billion transaction that ranks among the largest in media history. This strategic move unites the world’s most successful streaming platform with a studio portfolio spanning over a century of entertainment, creating a combined entity with the scale and resources to set industry standards.
The agreed terms provide Warner Bros. Discovery shareholders with $27.75 per share, translating to total equity value of approximately $72.0 billion. The $82.7 billion enterprise value reflects a comprehensive valuation that includes Warner Bros. Discovery’s production studios, content libraries, cable networks, and streaming operations. The unanimous board approvals signal strong leadership confidence in the merger’s potential benefits for all stakeholders.
In his statement on the acquisition, Netflix co-CEO Ted Sarandos highlighted how the combination enhances Netflix’s content strategy. By adding Warner Bros.’ legendary library and production capabilities to Netflix’s existing assets, the merged company will offer subscribers an entertainment experience unmatched in variety and quality. This acquisition represents a significant step in Netflix’s evolution from content distributor to one of the industry’s largest content owners.
Warner Bros. Discovery CEO David Zaslav characterized the transaction as an opportunity to ensure Warner Bros.’ continued relevance in a rapidly changing media landscape. He emphasized that Netflix’s global platform and technological sophistication will enable Warner Bros. content to reach audiences in new ways while maintaining the creative excellence that has defined the studio throughout its history. The merger positions both companies to capitalize on ongoing shifts in consumer behavior toward streaming consumption.