Netflix agrees to buy Warner Bros. and HBO Max, creating streaming titan

In a watershed move, Warner Bros. Discovery announced Friday that it has agreed to sell its movie, TV and streaming assets to Netflix in a deal valued at $82.7 billion, setting the stage for one of the most sweeping and consequential mergers in modern Hollywood history

In a watershed move, Warner Bros. Discovery announced Friday that it has agreed to sell its movie, TV and streaming assets to Netflix in a deal valued at $82.7 billion, setting the stage for one of the most sweeping and consequential mergers in modern Hollywood history.

If approved by federal regulators, the transaction promises to create a new entertainment and media behemoth, uniting the world’s largest streaming destination with a storied 102-year-old film studio.

Warner Bros.’ portfolio includes HBO, the HBO Max streaming platform and the “Harry Potter” movie franchise. Netflix, home of “Stranger Things” and “Squid Game,” reaches more than 300 million paid subscribers across over 190 countries.

“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a news release. “By combining Warner Bros.’ incredible library of shows and movies — from timeless classics like ‘Casablanca’ and ‘Citizen Kane’ to modern favorites like ‘Harry Potter’ and ‘Friends’ — with our culture-defining titles like ‘Stranger Things,’ ‘KPop Demon Hunters’ and ‘Squid Game,’ we’ll be able to do that even better.

“Together, we can give audiences more of what they love and help define the next century of storytelling,” Sarandos added.