LOS ANGELES — December 7, 2025
In a move that is poised to reshape the global entertainment landscape, Netflix announced today that it has reached an agreement to acquire Warner Bros. Entertainment and HBO from Warner Bros. Discovery in one of the largest media mergers in history.
The unprecedented deal, valued at an estimated $178 billion, combines the world’s leading streaming service with some of the most iconic film and television properties ever created. Pending regulatory approval, the acquisition will give Netflix control of Warner Bros. Pictures, HBO, DC Studios, CNN Films, Cartoon Network Studios, and an extensive library of more than 100 years of cinematic and television content.
A New Era for Netflix
Netflix CEO Ted Sarandos called the acquisition "a transformative moment" for the company.
“We are uniting two storytelling powerhouses,” Sarandos said in a statement. “By bringing Warner Bros. and HBO into the Netflix family, we are expanding our creative ecosystem and strengthening our ability to deliver the world’s greatest entertainment to global audiences.”
The deal is expected to accelerate Netflix’s push beyond streaming into theatrical distribution, live events, gaming, and premium television.
What the Acquisition Includes
The merger gives Netflix ownership of a vast portfolio of globally recognized franchises and studios, including:
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HBO and its slate of prestige series such as Game of Thrones, The Last of Us, Succession, and True Detective
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Warner Bros. Pictures, including The Matrix, Harry Potter, Barbie, Dune, and The Lord of the Rings (shared rights)
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DC Studios, home of Batman, Superman, Wonder Woman, and the Justice League
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HBO Max streaming infrastructure
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Warner Animation Group and Cartoon Network
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A legacy film and television library spanning nearly a century
Industry analysts say that Netflix’s content catalog will now surpass that of every major competitor in both scale and cultural impact.
Impact on Existing Services
While Netflix says all creative teams will remain in place during the transition, sources indicate the company plans to integrate HBO Max into Netflix, creating the largest unified streaming platform in the world.
Pricing changes have not been announced, but analysts expect Netflix to introduce new premium tiers that include HBO’s full catalog and future theatrical releases from Warner Bros.
Regulatory Challenges Ahead
The acquisition will undergo intense scrutiny from U.S., European, and Asian regulators. Antitrust experts warn that combining the leading streamer with one of the world’s largest studios could reduce competition in an already consolidated media industry.
“Netflix integrating Warner Bros. and HBO is arguably the biggest entertainment merger in modern history,” said media analyst Dana Kruger. “Regulators will want assurances that this doesn’t limit consumer choice or stifle independent creators.”
What This Means for Hollywood
Hollywood insiders are describing the deal as a seismic shift, comparing it to Disney’s acquisition of 21st Century Fox in 2019 — but on a much larger scale.
The merger could force competitors like Disney, Amazon, Apple, and Comcast to accelerate their own strategies in order to stay competitive.
The Future of Streaming
If approved, the acquisition is expected to close in late 2026. Netflix has already hinted at a long-term strategy that includes:
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Expanding Warner Bros. theatrical releases with simultaneous or accelerated streaming windows
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Reviving dormant HBO and WB franchises
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Creating a unified platform that blends prestige TV, blockbuster cinema, animation, gaming, and live content
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Tighter integration of DC characters into large-scale serialized storytelling
For fans, it could mark the beginning of a new golden age of cross-platform entertainment — or a turning point in an industry dominated by a handful of mega-corporations.