Netflix has confirmed it will acquire Warner Bros Discovery’s film and television studios and streaming service HBO Max for an equity value of around $108.5 billion.
The agreement comes after a weeks-long bidding war where Netflix and David Ellison-led Paramount were battling for the acquisition of the whole of Warner Bros.
The merger will also see beloved shows and movies such as The Big Bang Theory, Game of Thrones, and The Wizard of Oz join Netflix’s portfolio.
According to Netflix, the transaction is expected to close after the previously announced separation of Warner Bros’ global networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
