Netflix has announced its plan to acquire Warner Bros. (WB) for $72 billion, a transaction that includes HBO and HBO Max. However, the deal will take significant time to complete, as Warner Bros. Discovery (WBD), WB's parent company, must first spin off its Global Networks division into a new publicly traded company named Discovery Global.
This separation is expected to conclude by the third quarter of 2026. Following that, Netflix will acquire the remaining Streaming & Studios division of WBD.
The assets to be acquired include Warner Bros. studios alongside the HBO and HBO Max streaming services. Netflix has stated it intends to preserve WB’s existing operations and capitalize on its strengths, including theatrical film releases. Additionally, Netflix plans to integrate WB’s extensive film and TV libraries, as well as HBO and HBO Max content, into its member offerings.
While Warner Bros. studios will continue operating independently for now, it remains unclear whether HBO Max will be fully merged into Netflix’s platform. The entire acquisition is anticipated to be finalized within 12 to 18 months.
It's important to note that CNN, Discovery’s cable channels, and TNT Sports are excluded from this deal and will become part of the Discovery Global entity.
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