HOLLYWOOD, California — Netflix announced Friday it has reached a deal to acquire Warner Bros. for $82.7 billion.

The agreement follows Warner Bros. Discovery’s planned separation of its Global Networks division, Discovery Global, into a standalone public company expected to be completed in the third quarter of 2026.

Netflix said it will absorb Warner Bros.’ film and television studios, HBO and HBO Max, and franchises including the DC Universe, “The Sopranos,” “Game of Thrones,” “The Wizard of Oz,” “Friends” and “Harry Potter.” Executives said the company intends to maintain Warner Bros.’ current operations, including theatrical film releases.

“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix said in a statement. “By combining Warner Bros.’ incredib

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