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