Netflix Acquires Warner Bros. for $82.7 Billion, Expanding its Entertainment Portfolio

In a landmark deal valued at approximately $82.7 billion, Netflix has agreed to purchase Warner Bros., a renowned entertainment giant. This acquisition will grant Netflix ownership of Warner Bros. Discovery's film and streaming operations, including its video games division, as of July 2025. As a result, Netflix will soon become the owner of esteemed game developers such as Rocksteady, NetherRealm, Avalanche, and TT Games, pending approval. By outbidding Comcast and Paramount Skydance, Netflix has secured this significant deal. The acquisition is expected to be completed after Warner Bros. Discovery spins off Discovery Global into a new publicly traded company, a process anticipated to conclude by September 30th, 2026. Netflix co-CEO Ted Sarandos stated, 'Our mission has always been to entertain the world. By combining Warner Bros.' incredible library of shows and movies with our own culture-defining titles, we will be able to achieve this mission even more effectively.' Warner Bros. Discovery president and CEO David Zaslav added, 'Today's announcement brings together two of the world's greatest storytelling companies to provide audiences with more of the entertainment they love.' Warner Bros. Discovery was formed in April 2022 through the merger of WarnerMedia and Discovery. The company's video games business has faced challenges in recent years, despite the success of Harry Potter Hogwarts Legacy in 2023, followed by the loss-making Suicide Squad: Kill The Justice League. In response, Warner Bros. Discovery has undergone restructuring, including the closure of developers Monolith Productions, Player First Games, and Warner Bros. San Diego. Netflix, which already operates a games business, has also made adjustments to its gaming division, including studio and job cuts, as well as the sale of Spry Fox to its founders.