Netflix is buying Warner Bros. Discover for $82.7 billion, gaining HBO and franchises like Game of Thrones, DC Comics

Netflix has officially confirmed its acquisition of Warner Bros. Discovery in an $82.7 billion deal that will reshape Hollywood’s power structure. The streaming giant will pay $27.75 per share in combined cash and stock to acquire the studio behind Harry Potter, DC Comics, Game of Thrones, and HBO Max.

The transaction represents the largest media consolidation in over a decade and marks Netflix’s boldest move yet into traditional entertainment. The deal is expected to close in the third quarter of 2026, pending regulatory approval and Warner Bros. Discovery’s planned spinoff of cable networks including CNN and TNT into a separate entity called Discovery Global.