Netflix has announced its acquisition of Warner Bros. for $72 billion, a deal that includes HBO and the HBO Max streaming service. However, the transaction will take time to complete, as Warner Bros. Discovery (WBD), the parent company, must first spin off its Global Networks division into a separate publicly traded entity called Discovery Global.
This separation is anticipated to conclude in the third quarter of 2026. Once finalized, Netflix will acquire the remaining assets of WBD, specifically its Streaming & Studios division.
The acquisition includes Warner Bros. studios, HBO, and the HBO Max service. Netflix plans to preserve Warner Bros.' current operations and leverage its strengths, including theatrical film releases. Additionally, Netflix aims to integrate Warner Bros.' extensive film and television library, along with HBO and HBO Max programming, into its own platform.
While Warner Bros. studios are expected to continue operating independently, it remains unclear whether HBO Max will be fully merged into Netflix. The entire transaction is projected to close within 12 to 18 months following the completion of the spin-off.
Notably, Netflix will not acquire CNN, Discovery’s other networks, or TNT Sports, as these will be part of the newly formed Discovery Global entity.
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