Netflix Strikes $72bn Deal to Acquire Warner Bros Film and Streaming Arms

Netflix has agreed to buy the film and streaming operations of Warner Bros Discovery in a landmark $72 billion deal that could reshape the global entertainment landscape. The streamer outbid competitors Comcast and Paramount Skydance after a long bidding process, securing control of a studio known for franchises such as Harry Potter, Game of Thrones and the HBO Max platform.

The proposed acquisition will be closely reviewed by competition regulators. Several industry groups, including the Writers Guild of America, have already raised concerns. They argue the merger could reduce jobs, weaken wages and shrink the variety of film and television content available to audiences.

Despite the criticism, Netflix leaders say they are confident the deal will win approval. Co-chief executive Ted Sarandos described the agreement as a rare chance to unite one of Hollywood’s most storied libraries with Netflix’s global reach. He said that merging Warner Bros’ century-old catalogue with Netflix hits like Stranger Things would give viewers more to enjoy and help shape “the next century of storytelling”.

Greg Peters, Netflix’s other co-chief executive, hinted that the HBO brand would continue in some form but said details would come later. Netflix expects to save between $2 billion and $3 billion by reducing overlap in technology and support divisions. Warner Bros films will continue to premiere in cinemas, and the TV studio will still be able to produce shows for other networks, while Netflix will keep making originals for its own platform.

Warner Bros Discovery CEO David Zaslav said joining forces with Netflix would help preserve and expand the reach of its most influential stories. The agreement, approved unanimously by both companies’ boards, values Warner Bros at about $82.7 billion when debt is included.

Opposition to the deal remains strong. The Writers Guild of America called for regulators to block the merger, warning it would harm workers and viewers alike. Cinema United chief executive Michael O’Leary said the acquisition threatens theatres worldwide, from major chains to small-town screens.

The takeover will be completed once Warner Bros completes its plan to split its streaming and studio units from its global networks division next year. The networks operation will become Discovery Global, keeping channels such as CNN and TNT Sports, while TNT Sports International moves to the division being sold to Netflix.

Industry analysts say the move signals Netflix’s ambition to dominate the streaming market, though some warn the merger could bring integration challenges and higher subscription costs.