Netflix signs an $82.7B deal to acquire Warner Bros., HBO and HBO Max after WBD's split. What it means for theaters, regulators, and the future of streaming.
© E. Vartanyan
Netflix announced an agreement to acquire Warner Bros. along with HBO and the HBO Max streaming business for about $82.7 billion, including debt. The transaction is set to follow the previously announced separation of Warner Bros. Discovery, which will split off the cable and Discovery-related assets from the studio-and-streaming arm; closing is expected after that restructuring, roughly in the third quarter of 2026.
Under the terms, Netflix will take over the Warner Bros. film studio and television production, as well as HBO and HBO Max—bringing with it a vast library that includes franchises like Harry Potter, DC, and Game of Thrones. Netflix says it plans to preserve Warner Bros.’ existing operating model, including theatrical premieres. Even so, the company has already hinted at integrating HBO Max into the Netflix ecosystem, which puts the service’s future as a standalone product in question.
The deal immediately sparked debate across the industry. Competitors and market participants expect close attention from regulators to the growing concentration of power in media, while theatrical associations are already signaling potential risks for traditional cinema releases despite Netflix’s pledge to keep films on the big screen. Assurances like this tend to be judged in practice, title by title. Reuters also points to the likelihood of a serious review in the U.S. and Europe because of the combined entity’s scale and market impact.
If approved, the acquisition would turn Netflix into an even more formidable media conglomerate—marrying a global distribution platform with one of Hollywood’s most recognizable studio brands and HBO’s premium catalog. For viewers, that could mean tighter bundling of services and libraries; for the market, a new round of competition and, likely, a wave of countermoves from other major players.