In one of the most groundbreaking deals the streaming world has ever seen, Netflix on Friday announced its acquisition of Warner Bros., valued at $82.7 billion.
The deal involves both HBO Max and HBO Studios, making it one of the largest mergers in Hollywood history. With this move, Netflix will not only solidify its top position, but also significantly strengthen its content library and gain access to famous series such as DC Comics, “Game of Thrones” and “Harry Potter.”
Netflix boasted more than 300 million paying subscribers in January, while HBO Max, along with Discovery+, now has about 128 million subscribers.
Additionally, the size of Netflix’s offer is notable as the streaming giant has invested $72 billion, more than Warner Bros. The total market value is $60 billion.
However, this merger is not without its challenges. It may be subject to scrutiny under antitrust laws.
In November, Sens. Elizabeth Warren, Bernie Sanders and Richard Blumenthal expressed concerns about a potential sale. The three sent a letter to the Justice Department’s Antitrust Division suggesting that any agreement would be viewed “under a cloud of political favoritism and corruption.”
In addition, various industry players have expressed their opinions. According to Variety, an anonymous group has reportedly sent a letter to Congress asking them to publicly oppose Netflix’s proposal.
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Warner Bros. Discovery, saddled with debt and disappointing streaming growth, officially put itself up for sale in October. The company is attracting interest from multiple suitors, with Paramount seen as the frontrunner.
The acquisition is expected to close in the third quarter of 2026 after Warner Bros. Discovery executes its plan to separate from Discovery Global, which includes a collection of pay-TV networks such as TNT and CNN.
The companies estimate that the combination of cash and stock transaction will close within 12 to 18 months.
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