Netflix has confirmed it will purchase Warner Bros. Entertainment, including the HBO and HBO Max services, in a monumental agreement valued at $82.7 billion.
The transaction cannot be finalized until Warner Bros. completes its planned separation from its cable networks and Discovery properties. That divestment is scheduled for the third quarter of 2026, meaning Netflix’s takeover will occur later that year.
According to a company statement, Netflix intends to continue Warner Bros.’ current business model, including releasing its films in movie theaters. However, the standalone HBO Max streaming platform may eventually disappear, as Netflix plans to integrate its programming into its own service to offer subscribers “more high-quality titles.”
This acquisition would dramatically expand Netflix’s portfolio overnight. The company would gain control of major entertainment brands like HBO, DC Comics, Cartoon Network, and several film and game production studios, merging its global reach with a vast new library of content.
The deal is certain to encounter fierce regulatory and industry opposition, as competitors have already voiced concerns.
Given the scale of the combined entity, antitrust officials are expected to scrutinize the agreement closely. The review process will likely focus on whether the merger would limit competition and consumer choice in the entertainment market.