Netflix to Acquire Warner Bros. in $82.7 Billion Deal, Uniting Streaming Leader With Iconic Hollywood Studio

Netflix has agreed to acquire Warner Bros. from Warner Bros. Discovery Inc. in a cash-and-stock deal valuing the business at an enterprise value of about $82.7 billion and equity value of $72.0 billion. The transaction, priced at $27.75 per WBD share, will close after the planned separation of WBD’s Global Networks division, Discovery Global, into a new public company expected in the third quarter of 2026.