Netflix confirmed a historic entertainment merger on Friday, announcing an agreement to acquire Warner Bros., including its film studio, television operations, HBO and HBO Max. The announcement was made through Netflix’s official channels, outlining a cash-and-stock transaction that places Warner Bros. Discovery at an enterprise value of about $82.7 billion.

According to details shared by Tudum, the offer values each Warner Bros. Discovery (WBD) share at $27.75, bringing the total equity valuation to roughly $72 billion. Both companies’ Boards of Directors have unanimously approved the deal.

Netflix co-CEO Ted Sarandos said the acquisition strengthens the platform’s long-term creative ambitions. “Our mission has always been to entertain the world. By combining Warner Bros.’ incredible li

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