Netflix to Acquire Warner Bros., Not Apple: Major Industry Shake-Up!

Netflix Acquires Warner Bros. Portfolio Including HBO Assets

The possibility of Apple entering the fray was hinted during discussions, yet it remains uncertain if Apple’s financial team in Cupertino seriously considered spending such a significant amount to enhance Apple TV’s operations. Ultimately, it is Netflix that will be taking over Warner Bros.’ library, as announced by the company this afternoon. This acquisition includes Warner Bros.’ film and TV series catalog, along with the streaming service HBO Max and the HBO channel.

The deal is set to be valued at approximately $82.7 billion. Netflix will acquire WBD shares at $27.75 each, contributing to a market capitalization of $72 billion, with the balance comprising debts. The transaction is contingent upon the prior spin-off of Discovery Global into a new publicly traded company, a move planned for the third quarter of 2026, and must also receive approval from antitrust authorities.

Should the acquisition successfully conclude by the end of next year or early in 2027, Netflix will gain control over a vast catalog and several major franchises, including the DC Universe, Game of Thrones, The Big Bang Theory, and notably Harry Potter, which is slated to return as a series on HBO in 2027. While the specifics of this return and its pricing conditions remain unclear, Netflix is set to significantly bolster its offerings, a development that Apple TV may view with concern.