Netflix to acquire Warner Bros’ studio and streaming businesses for $72 billion

In one of the most sweeping shake-ups the entertainment industry has seen in decades, Netflix has reached a $72 billion deal to acquire the studio and streaming businesses of Warner Bros. Discovery the historic Hollywood powerhouse behind franchises such as Harry Potter, The Lord of the Rings, Friends and the DC Universe.

The agreement marks a stunning consolidation of two global giants. Netflix, which reshaped how audiences consume television and film through on-demand streaming, will now gain control of one of the most storied studios in American history as well as Warner’s premium streaming assets, including HBO Max and the DC Studios portfolio.

For Netflix, the acquisition is transformational. Long dominant in the streaming arena, it will now inherit a massive library of iconic content along with Warner’s world-class production infrastructure. Shows such as Succession, Game of Thrones, The White Lotus and Euphoria alongside Warner’s vast film catalogue would now sit under the Netflix umbrella, strengthening the company’s grip on the global content market.

Warner Bros. Discovery CEO David Zaslav said the merger represents an opportunity to safeguard and expand the studio’s legacy. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture,” Zaslav said. “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

Industry analysts say the merger will fundamentally reshape the Hollywood landscape, intensifying questions about market dominance, content diversity and competition. Regulatory scrutiny is expected to be fierce, especially as lawmakers and antitrust watchdogs express growing concern about Big Tech’s expansion into traditional media. Some critics have already warned that the deal could reduce consumer choice and centralise too much creative influence within a single corporation.

For Netflix, however, the move is a statement of long-term ambition. As global rivals such as Disney, Amazon and Apple continue building their own entertainment empires, Netflix appears determined to secure its leadership with unrivalled scale and intellectual property.

The acquisition will also carry significant implications for talent, studios and audiences around the world. Merging Netflix’s data-driven production model with Warner’s legacy filmmaking culture could lead to both creative opportunities and internal friction. The future of HBO Max, DC Studios and other Warner brands will be closely watched as Netflix integrates them into its own streaming ecosystem.

Negotiations reportedly accelerated in recent months amid shifting market conditions and persistent financial challenges at Warner Bros. Discovery, which has struggled under heavy debt burdens since its 2022 merger. Selling off its crown jewel assets marks a major strategic turn one aimed at preserving value, even if it means relinquishing independence.

With regulatory reviews expected to begin immediately, the industry is bracing for what could become one of the most consequential entertainment mergers of the century. If approved, the deal will redefine the balance of power in Hollywood, uniting the world’s largest streaming platform with one of its most influential studios.