Netflix to acquire Warner Bros. for $82.7 billion in a deal that could reshape Hollywood

• Netflix is buying Warner Bros., adding HBO and major franchises like "Harry Potter" to its content slate.
• Netflix said the deal has a total enterprise value of $82.7 billion, its biggest ever acquisition.
• The deal boosts Netflix's studio power, expanding its production capacity and theatrical output.

Netflix is making the biggest acquisition in its history — and one of the largest ever in entertainment — announcing Friday that it has struck a deal to acquire Warner Bros. from Warner Bros. Discovery (WBD) for an enterprise value of $82.7 billion.

The cash-and-stock deal will bring together Netflix's world-dominant streaming platform with Warner Bros.' century-old studio, HBO, HBO Max, and some of the most iconic franchises in film and television—from "Harry Potter" and "Game of Thrones" to "Casablanca," "The Big Bang Theory," and the entire DC Universe.

The acquisition is expected to close after WBD spins off its Global Networks division into a separate publicly traded company, Discovery Global, a process expected to happen in the third quarter of 2026.

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