Netflix just pulled off one of the biggest entertainment deals in history, agreeing to acquire Warner Bros. in a blockbuster transaction valued at $82.7 billion in total enterprise value, with an equity value of $72 billion. The streaming giant beat out Paramount and Comcast in a heated bidding war, offering $27.75 per share to secure the storied Hollywood studio and its treasure trove of content.
This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction, creating an extraordinary entertainment offering for audiences worldwide.
“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we'll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
Greg Peters, co-CEO of Netflix, framed the acquisition as a game-changer for the company's future. "This acquisition will enhance our offerings and propel our business forward for many years," he said. "Warner Bros. has played a pivotal role in shaping entertainment for over a century and continues to do so with its exceptional executives and capabilities. With our global and established business model, we can introduce a wider audience to the worlds they create — providing our members with more choices, attracting more fans to our premier streaming service, strengthening the entire entertainment sector, and generating additional value for shareholders."
Ted Sarandos, Netflix's other co-CEO, emphasized the company's mission, stating, "By combining Warner Bros.' incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters, and Squid Game, we'll be able to do that even better.”
The catalog of franchises Netflix would gain is enormous, starting with Harry Potter, and there’s no sign that Netflix would handle them any better. HBO Max’s new series already sparked backlash for race-swapping characters like Hermione Granger and Severus Snape. Granger’s race may be unclear in the books, but Snape’s isn’t. He’s described as having sallow skin, and changing that reshapes his entire backstory, especially the bullying he endured in the 1970s, which now adds a racial angle the original never suggested.
A Netflix takeover of WBD won’t stop the ideological tinkering that keeps distorting beloved franchises. Netflix has been the target of multiple boycotts from the right for pushing the LGBTQ agenda in children’s content.
As big as this is, it’s probably not good news. Nevertheless, the boards of both Netflix and Warner Bros. Discovery unanimously approved the transaction, which is expected to deliver $2 billion to $3 billion in annual cost savings by the third year after closing and earnings accretion by year two.
The deal, however, comes with strings attached. Completion hinges on WBD's separation of Discovery Global, its networks business, scheduled for the third quarter of 2026, along with regulatory approvals, WBD shareholder approval, and customary closing conditions. The entire process is expected to take 12 to 18 months after the separation is finalized. Netflix also agreed to a hefty $5.8 billion breakup fee if the deal falls through due to regulatory issues or failure to secure necessary approvals.
Netflix outbid its rivals by offering $27.75 per share, surpassing competing offers that hovered around $24 per share for parts or all of WBD.
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” David Zaslav, President and CEO of Warner Bros. Discovery, said in a statement. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
This Netflix-WBD merger won’t save beloved franchises—it’ll accelerate their woke destruction. PJ Media stands as a critical voice exposing Hollywood’s ideological warfare. Join PJ Media VIP and support the fearless journalism that fights back. Use promo code FIGHT for 60% off and get exclusive content, ad-free browsing, and the truth the mainstream won’t tell you. Don’t wait, join today.
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