A major wave of content consolidation is underway with Netflix’s $82.7 billion acquisition of Warner Bros. Discovery. This definitive agreement brings together the streaming platform that disrupted traditional media with the studio that embodies Hollywood’s legacy, creating a merged company positioned to dominate global entertainment through unprecedented scale and content diversity.
Under the agreed terms, Warner Bros. Discovery shareholders will receive $27.75 per share, establishing total equity value at approximately $72.0 billion. The enterprise value of $82.7 billion includes all of Warner Bros. Discovery’s operations and assets, from production studios to content libraries to distribution networks. Both companies’ leadership teams have unanimously approved the transaction, demonstrating alignment on its strategic value and execution plan.
Ted Sarandos, Netflix’s co-CEO, emphasized how the acquisition enhances Netflix’s ability to serve global audiences. He described how combining Warner Bros.’ legendary production capabilities with Netflix’s data-driven content strategy will create an entertainment platform unmatched in quality and variety. This merger provides Netflix with both proven content and production infrastructure to support its ongoing growth.
David Zaslav, leading Warner Bros. Discovery, characterized the transaction as ensuring Warner Bros.’ future success. He noted that Netflix’s technological sophistication and global reach provide ideal conditions for maximizing the value of Warner Bros.’ content while preserving the creative standards that have defined the studio. The merger represents a strategic bet on integration and scale as keys to competing in the modern entertainment industry.