Netflix Acquires Warner Bros. Discovery Studios

Netflix has agreed to acquire Warner Bros. Discovery's TV and film studios and streaming division for $72 billion, following a weeks-long bidding war. This deal will give Netflix control over iconic franchises like 'Game of Thrones', 'DC Comics', and 'Harry Potter', significantly expanding its content library and strengthening its position against competitors like The Walt Disney Company and Paramount Global. The acquisition is driven by Netflix's desire to secure long-term content rights and explore new growth avenues, including gaming. However, the deal is expected to face intense antitrust scrutiny in the United States and European Union due to concerns about market concentration. Netflix has attempted to allay these concerns by suggesting a bundled offering with Warner Bros. Discovery — HBO Max to benefit consumers and committing to continue releasing Warner Bros. Discovery films in cinemas. Paramount Global, led by David Ellison, was a key bidder and questioned the fairness of the sale process. The deal is structured as a cash-and-stock transaction and is expected to close after Warner Bros. Discovery spins off its global networks unit, Warner Bros. Discovery, by the third quarter of 2026.