*Warner Bros. Discovery revealed Friday that it has reached an agreement to transfer its streaming and studios operations to Netflix through an $82.7 billion transaction.
Pending regulatory approval, the deal represents one of Hollywood’s most significant corporate combinations. Warner Bros. Discovery brings HBO and HBO Max to the table, while Netflix commands an audience of over 300 million paying customers in more than 190 nations.
As NBC News reports, the acquisition signals Hollywood’s transformation from theatrical releases to digital-first distribution.
Netflix would gain control of valuable franchises, including DC Comics heroes Batman and Superman, the “Game of Thrones” television phenomenon, and an extensive catalog ranging from the “Harry Potter” franchise to “Dune” and “Barbie.” The transaction excludes Warner-owned cable properties, including CNN and TNT.
?NETFLIX WINS BIDDING WAR FOR WARNER BROS. DISCOVERY IN DEAL THAT WILL RESHAPE HOLLYWOOD
The streaming wars just ended. Netflix won.
Deadline reports Netflix has emerged victorious in the bidding war for Warner Bros.
Discovery, offering around $28 per share, mostly in cash,… pic.twitter.com/nHcxcqJQU8
— Mario Nawfal (@MarioNawfal) December 5, 2025
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Facing substantial debt and disappointing streaming performance, Warner Bros. Discovery initiated its sale process last fall. Paramount, Skydance, and Comcast (NBCUniversal’s parent company) submitted competing offers. Netflix has reportedly attempted to calm industry concerns by pledging theatrical releases for Warner Bros. films. However, filmmakers remain doubtful about the streaming giant’s commitment to traditional cinema exhibition.
Despite the high-profile deal, the merger faces significant regulatory hurdles. Rep. Darrell Issa cautioned Attorney General Pam Bondi that it would create a company controlling over “30 percent share of the streaming market: a threshold traditionally viewed as presumptively problematic under antitrust law.”
According to Variety, unnamed film producers urged Congress in early December to subject the deal to “the highest level of antitrust scrutiny.”
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