Netflix To Acquire Warner Bros, Plans For Content Libraries Revealed

Netflix/Warner Bros Discovery

A major acquisition has been announced, involving media partners of both WWE and AEW.

Netflix has now announced that the company has entered a definitive agreement with Warner Bros Discovery, which will see Netflix acquire Warner Bros.

This will include Warner Bros’ film and TV studios, in addition to HBO and HBO Max, which is the streaming home of AEW in the US.

The transaction is expected to close following Discovery Global’s separation from Warner Bros into a new publicly traded company, which is expected to be completed in Q3 2026.

The following statement was shared on the acquisition:

HOLLYWOOD, Calif., Dec. 5, 2025 — Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.

The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.

This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction, creating an extraordinary entertainment offering for audiences worldwide.

Netflix and Warner Bros shared these additional details in the announcement, indicating that HBO and HBO Max content will be added to Netflix:

Complementary strengths and assets: Warner Bros.’ studios are world-class, with Warner Bros. recognized as a leading supplier of television titles and filmed entertainment. HBO and HBO Max also provide a compelling, complementary offering for consumers. Netflix expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.

More choice and greater value for consumers: By adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose. This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content.

A stronger entertainment industry: This acquisition will enhance Netflix’s studio capabilities, allowing the Company to significantly expand U.S. production capacity and continue to grow investment in original content over the long term which will create jobs and strengthen the entertainment industry.

More opportunities for the creative community: By uniting Netflix’s member experience and global reach with Warner Bros.’ renowned franchises and extensive library, the Company will create greater value for talent—offering more opportunities to work with beloved intellectual property, tell new stories and connect with a wider audience than ever before.

More value for shareholders: By offering members a wider selection of quality series and films, Netflix expects to attract and retain more members, drive more engagement and generate incremental revenue and operating income. The Company also expects to realize at least $2-3 billion of cost savings per year by the third year and expects the transaction to be accretive to GAAP earnings per share by year two.

AEW announced a multi-year media rights deal with Warner Bros Discovery in October 2024, with Dynamite to air on TBS, Collision on TNT, and AEW programming to stream exclusively on HBO Max as part of this deal.

While TBS and TNT will be part of Discovery Global following the announced separation, HBO Max will be part of Warner Bros, therefore part of Netflix’ acquisition.

WrestleTalk.com will share updates and details on potential changes for AEW as they become available.

Netflix is notably the home of WWE Raw in the US, and WWE TV and PLE events internationally.

You can read the full announcement right here.