NEW YORK: Streaming giant Netflix said on Friday it would buy film and television studio Warner Bros Discovery for nearly $83 billion, the entertainment industry’s biggest consolidation deal this decade.

The acquisition gives Netflix access to a vast film catalog as well as the strea­ming service HBO Max.

War­ner Brothers has produced film classics, including “Casablanca” and “Citi­zen Kane”, as well as blockbuster shows, including “The Sopranos”, “Game of Thrones” and “Harry Potter”.

Netflixhas produced glo­bal hits including “Stranger Thi­ngs”, “KPop Demon Hun­ters” and “Squid Games”.

The biggest previous such deal was Disney’s $71bn acquisition of Fox in 2019. The transaction values Warner Bros Discovery at $27.75 per share, implying a total equity value of approximately $72bn and an enterprise value — including debt — of around $82.7bn.

Warner Bros Discovery shares closed at $24.54 on the Nasdaq on Thursday.

Published in Dawn, December 6th, 2025