Netflix’s $72B WB acquisition confounds the future of movie theaters, streaming

December 6, 2025

TL;DR

Netflix is reportedly set to acquire Warner Bros. Discovery's (WBD) streaming and movie studios business.
The acquisition price is $72 billion in equity value, with an approximate total enterprise value of $82.7 billion.
WBD plans to split its streaming and studios business from its other TV networks before the acquisition is finalized.
Netflix expects the deal to increase subscribers, engagement, and yield significant annual cost savings.
The acquisition would give Netflix control over major franchises like DC Comics, Game of Thrones, and Harry Potter.
There are concerns about Netflix's potential market dominance and its impact on theatrical releases and pricing.
The deal faces regulatory approvals, including antitrust reviews from the Department of Justice and other political figures.
The movie theater industry, represented by Cinema United, has expressed strong opposition and urged close regulatory examination.

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