Netflix is buying entertainment giant Warner Bros. The transaction amount is estimated at approximately $82.7 billion.
As a result of the acquisition, the streaming giant will own the film and streaming business of Warner Bros Discovery, which – as of July 2025 – includes the company's video game division.
As a result, if the deal is approved, Netflix will soon own developers Rocksteady, NetherRealm, Avalanche and TT Games.
By purchasing Warner Bros, the company outbid Comcast and Paramount Skydance. The news was officially announced today.
The deal will close after Warner Bros Discovery spins off Discovery Global into a new public company. This is expected to occur in the third quarter of 2026, meaning the sale will close by September 30, 2026.
“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos.
“By uniting Warner Bros.” An 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 can do it even better. Together, we can give audiences more of what they love and help define the next age of storytelling.”
Warner Bros Discovery President and CEO David Zaslav added: “Today’s announcement brings together two of the world’s greatest storytelling companies to bring even more people the entertainment they love to watch most. For over a century, Warner Bros. captivates audiences, captures the world's attention, and shapes our culture. By teaming up with Netflix, we will ensure that people around the world continue to enjoy the world's most resonant stories for generations to come.”
Warner Bros Discovery was formed following the merger of WarnerMedia and Discovery in April 2022. In June 2024, it was reported that Zaslav was exploring the possibility of splitting the company, before officially announcing the move last December.
The video game company's business has been struggling in recent years, with the huge success of Harry Potter's Hogwarts Legacy followed in 2023 heavily unprofitable “Suicide Squad: Kill the Justice League”. In November 2024 Warner Bros Discovery says the unit is 'significantly behind'to David Haddad, longtime president of Warner Bros Games, stepped down in January 2025..
Next month the company closed the developers Monolith Productions, Player First Games and Warner Bros San Diegoadding that the closures signal a “strategic change in direction.”
In June of this year Warner Bros has restructured its gaming division to focus on its core intellectual properties.: Harry Potter, Game of Thrones, Mortal Kombat and DC Comics.
Netflix itself already has a gaming business. although the division has seen studio and job cuts over the past year.. More recently, the company sold Spry Fox to its founders having bought the developer in November 2022.
