Netflix announced on Friday that it has reached an agreement to acquire Warner Bros. Discovery (WBD), ending a lengthy bidding process that also included Netflix, Paramount Skydance, and Comcast competing for the company’s assets. The deal includes cash and stock and has been valued at $27.75 per WBD share, according to statements from the companies. This brings the total transaction value to approximately $82.7 billion.
Netflix: What the Warner Bros acquisition agreement includes
The agreement covers Warner Bros. Discovery’s film studio and HBO Max streaming service. Warner Bros. Discovery will continue with the planned spin-off of its television networks, including TNT and CNN, as originally scheduled.
The acquisition is expected to be completed after this spin-off is finalized, which is now anticipated to occur in the third quarter of 2026.
Netflix shares fell approximately 3% in pre-market trading on Friday. Shares of the newly formed Paramount Skydance dropped about 2%, while WBD shares declined roughly 1% and Comcast shares remained unchanged.
