What to know about Netflix’s landmark acquisition of Warner Bros.

January 23, 2026

TL;DR

Netflix is acquiring Warner Bros. Discovery's film, television, and streaming assets, including HBO and HBO Max, for approximately $82.7 billion.
The deal brings together major franchises such as Game of Thrones, Harry Potter, and DC Comics under one company.
Warner Bros. Discovery has been struggling with significant debt, leading to the exploration of a sale.
Paramount made a competing bid but was rejected due to concerns about its debt load and risk.
The acquisition faces significant regulatory hurdles, with Netflix's co-CEO scheduled to testify before a U.S. Senate committee.
Industry groups, including the Writers Guild of America, have voiced concerns about antitrust issues, potential job losses, and impact on independent creators.
Netflix has stated that HBO's operations will remain unchanged in the near term, and release windows for films will initially stay the same, though they may shorten over time.
No immediate changes to subscriber pricing are expected during the regulatory approval period, but price increases are possible after the deal closes.
The deal is expected to close 12 to 18 months after an anticipated April stockholder vote, contingent on regulatory approvals.

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