Netflix purchases the streaming, studio, and gaming units of Discovery Warner Brothers, creating an online content giant

Dec. 6, 2025

Netflix will acquire the online streaming services, film and TV studios, and gaming divisions of Warner Brothers Discovery in a cash and stock deal valued at $83 including the assumption of debt. The move will have to clear regulators, since the combination will create an online streaming service giant. Netflix and Warner Brothers Discovery announced the acquisition after a bidding war had attracted Paramount Skydance and Comcast.

Further Reading :

• Netflix to Buy Warner Bros. and HBO Max in $82.7 Billion Deal [Variety]
  Dec. 5, 2025 — In a move that will dramatically reshape the entertainment business, Netflix and Warner Bros. Discovery announced an agreement Friday under which Netflix will acquire Warner Bros., including its film and TV studios, its gaming business, HBO Max and HBO.
• Netflix to Buy Warner Bros. in $83 Billion Deal to Create a Streaming Giant [The New York Times]
  Dec. 5, 2025 — Netflix announced plans on Friday to acquire Warner Bros. Discovery’s studio and streaming business, in a deal that will send shock waves through Hollywood and the broader media landscape.
• Netflix agrees to buy Warner Bros. and HBO Max, creating streaming titan [NBC News]
  Dec. 5, 2025 — If approved by Trump administration regulators, the deal would lead to a new entertainment and technology behemoth.

Key Words :

• David Zaslav
• Greg Peters
• HBO
• NETFLIX, INC.
• Theodore A. Sarandos, Jr.
• Warner Bros. Discovery, Inc.