Netflix, Inc. has announced a definitive agreement to acquire Warner Bros. Discovery, Inc., including its film and TV studios, HBO and HBO Max, in a cash-and-stock deal valued at approximately $82.7 billion (equity value $72.0 billion).

The transaction, priced at $27.75 per WBD share, is expected to close after WBD completes the separation of its Global Networks business in Q3 2026, subject to regulatory and shareholder approvals.

The deal brings together Netflix’s global streaming scale with Warner Bros.’ century-long storytelling legacy, uniting iconic franchises like Harry Potter, DC, Game of Thrones, Friends and The Big Bang Theory with Netflix originals such as Stranger Things, Squid Game and Wednesday, creating one of the most powerful entertainment portfolios in the world.