Netflix is officially buying Warner Bros. Discovery for a total enterprise value of $82.7B.

The industry-changing deal will see Netflix paying $27.75 a share for the venerable Hollywood studio, with a total equity value of $72B. Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO, subject to regulatory conditions – of which there will be several.

The deal will follow after WBD’s global networks division, Discovery Global, spins out into a new publicly-traded company, a move that is now expected to happen in Q3 2026.

Yesterday, Deadline reported that Netflix had beaten out Paramount and Comcast to buy WBD, and the announcement a few minutes ago confirmed the agreement. The boards of both Netflix and WBD voted “unanimously” to approve the deal.

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