It is official: Netflix is shopping for Warner Bros. in a sale price a towering $82.7 billion.

Announced by Netflix on Friday, the 2 corporations have reached a “definitive settlement” by which Netflix will purchase Warner Bros. and all its movie and TV studios, together with HBO and its streaming platform HBO Max. In line with the SEC filing, the sale was “unanimously accredited” by each Netflix and WBD’s boards.

The sale’s whole fairness worth (what Netflix pays for WBD’s shares) sits at $72 billion with an enterprise worth (what Netflix pays for WBD plus debt) of $82.7 billion, with Netflix valuing WBD at $27.75 per share.

Netflix landed the successful bid after WBD rejected three offers from Paramount Skydance, and a bid from Comcast to merge NBC Universal with Netflix. The landmark sale is predicted to shut after WBD’s International Networks division, Discovery International (a separate firm from WBD’s Streaming and Studios, they had been cut up in June 2025), turns into a brand new publicly-traded firm in Q3 2026.

Subsequent, Netflix and WBD must have their filed agreement accredited by the USA Securities and Alternate Fee (SEC).

“Our mission has all the time been to entertain the world,” mentioned Netflix co-CEO Ted Sarandos in a press assertion. “Collectively, we can provide audiences extra of what they love and assist outline the following century of storytelling.” Netflix co-CEO Greg Peters added that the acquisition “will enhance our providing and speed up our enterprise for many years to come back.”

“In the present day’s announcement combines two of the best storytelling corporations on this planet to convey to much more folks the leisure they love to look at probably the most,” mentioned WBD CEO and president David Zaslav in a press release.

What does this imply in your streaming companies?

Basically, the Netflix/WBD deal means the identical streamer that owns mega hits Stranger Things and KPop Demon Hunters will even personal HBO’s library, together with the Game of Thrones and Harry Potter universes, in addition to DC Comics and Warner Bros. Video games. That is quite a lot of IP. The deal is the largest streaming transfer for Warner Bros. Discovery since it merged HBO Max with Discovery+ in 2023.

In its launch, Netflix mentioned it “expects to keep up Warner Bros.’ present operations and construct on its strengths, together with theatrical releases for movies.” However most likely extra related to your private streaming habits, the corporate described the titles of HBO and HBO Max as “a compelling, complementary providing” for Netflix prospects, which appears like we’ll most likely be seeing bundles or merged content material libraries up forward.

“By including the deep movie and TV libraries and HBO and HBO Max programming, Netflix members could have much more high-quality titles from which to decide on,” the corporate mentioned. “This additionally permits Netflix to optimize its plans for shoppers, enhancing viewing choices and increasing entry to content material.”

Netflix additionally mentions the acquisition would permit the corporate to broaden studio manufacturing capability and enhance funding in unique content material.So till the SEC approves the deal, nothing will change in both of your streaming companies. For now.