Key Points
- Netflix has agreed to buy Warner Bros.’s film, TV, and streaming assets for $82.7 billion.
- The deal would bring major franchises like Game of Thrones and Harry Potter under the Netflix umbrella.
- The merger faces significant regulatory hurdles and opposition from the entertainment industry.
- The deal is expected to close in 12 to 18 months, pending shareholder and regulatory approval.
The streaming world got a massive shake-up at the end of 2025 when Netflix announced its plan to buy Warner Bros.’s film and television studios, as well as HBO and HBO Max. The $82.7 billion deal is one of the biggest in Hollywood history and is set to bring iconic franchises like Game of Thrones, Harry Potter, and the DC Comics universe all under one roof.
The move comes as Warner Bros. Discovery has been struggling with a mountain of debt, declining cable viewership, and intense competition in the streaming space. The company put its entertainment assets up for sale, and a bidding war quickly broke out among Netflix, Paramount, and Comcast.
While Paramount offered more money for the entire company, Warner’s board ultimately decided that Netflix’s all-cash offer for just the studio and streaming assets was the safer and more attractive option. They were particularly concerned about the massive debt a deal with Paramount would have created.
The deal is far from done, however. It faces several major hurdles, including a shareholder vote and, most importantly, intense scrutiny from government regulators. U.S. senators have already raised concerns that the merger could give Netflix too much market power, which could lead to higher prices for consumers and less competition.
The entertainment industry is also largely against the deal. The Writers Guild of America has called for it to be blocked on antitrust grounds, and many in Hollywood are worried about job losses and a narrowing of creative voices.
For subscribers, Netflix has said that nothing will change in the short term. But with the company’s history of regular price hikes, it’s a safe bet that your subscription will get more expensive once the deal is finalized.
