Soon after rumors of a deal between the two media giants spread, Netflix has announced that it is purchasing Warner Bros., HBO, and HBO Max for approximately $82.7 billion. If approved, the deal would come after Warner Bros. divested itself of both its legacy cable and Discovery properties as part of a previously announced de-merger. This is likely to happen in the third quarter of 2026, with the new collaboration sometime after that.
In a statement, Netflix said it expected to “maintain” Warner Bros.’s current operations as well as its theatrical release policy for its films. But the deal could signal the end of HBO Max as its own product in the long term, as the statement also said that “by combining the deeper film and TV library and the breadth of HBO and HBO Max programming, Netflix members will have even more high-quality titles to choose from.”
Naturally, the deal would see Netflix become one of the biggest players in global media, combining its global reach with the most recognizable names in entertainment. This includes HBO, DC Studios, Cartoon Network, its game development studios, and TCM, as well as those parts of TNT that are not associated with Discovery.
It is possible that the deal will not go ahead without objections from other buyers as well as the government itself. Yesterday, Paramount Skydance said (via). Hollywood Reporter) Any deal between The WB and Netflix would be the result of an “unfair” process. Given the close ties between Paramount’s new owners and administration, it is likely that any deal will be subject to scrutiny as well as the usual questions about the size of the combined operation.
Since the announcement, Engadget senior reporter Devindra Hardawar has spoken to Hollywood players and collected studies and statements to answer any burning questions you may have on what this deal means for you. He also answers questions about regulatory approval, theatrical release, and the possibility of physical media. See all that in their article titled “The Netflix and Warner Bros. deal may be great for shareholders, but not for anyone else.”
Update, December 5, 2025, 1:45 PM ET: This story has been updated to add a paragraph and link to a new article we published that includes in-depth analysis and more information about the Netflix/Warner Bros. deal and what it could mean for streaming, movies, TV and shareholders.
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