Netflix locked down a historic $72 billion acquisition Friday, grabbing control of Warner Bros Discovery’s film studios, TV production units and streaming platforms, outbidding Paramount, Skydance and Comcast in a high-stakes race that redrew the map of Hollywood’s media empires.
The deal hands Netflix the keys to a century’s worth of iconic intellectual property, including the Batman, Superman, Harry Potter and Game of Thrones franchises.
It also gives the streaming juggernaut full ownership of HBO Max and Warner Bros.’s production infrastructure, further cementing its grip on the global content market.
Netflix offered $27.75 per share in a mix of cash and stock for Warner Bros Discovery’s streaming and studio assets, while the company’s cable networks, including CNN and TNT, will be spun off into a separate business.
The move comes as Warner Bros Discovery wrestled with $40.4 billion in debt and a $148 million loss in Q3. CEO David Zaslav announced in June 2025 that the company would split its operations to attract potential buyers. The formal sale process began in October after Warner Bros received multiple unsolicited offers.
Paramount Skydance countered with a $ 27-per-share bid to acquire the entire company, including the cable networks. Comcast also threw its hat in the ring through NBCUniversal. But Netflix’s targeted proposal, which excluded the less profitable cable assets, won over shareholders.
The acquisition gives Netflix a massive leg up in the streaming wars, allowing it to lean on proven franchises rather than build new ones from scratch. The company closed 2024 with 302 million subscribers worldwide, adding 19 million new users in the last quarter alone.
Netflix expects to finalize the deal within 12 to 18 months, pending regulatory clearance and the completion of Warner Bros. Discovery’s cable network spinoff, slated for Q3 2026.