Netflix is the company that agreed to buy Warner Bros. (specifically the Warner Bros. Discovery studios and streaming divisions), in a massive deal announced in December 2025 and expected to close in 2026, pending regulatory and shareholder approvals.

Who bought Warner Bros?

  • In December 2025, Netflix announced an agreement to acquire Warner Bros. Discovery’s film and TV studios plus its streaming assets (including HBO and HBO Max) for about an $82.7 billion enterprise value.
  • The deal values the equity portion at roughly $72 billion and pays around $27.75 per WBD share in a mix of cash and stock.
  • This is not fully closed yet: it still needs regulatory approval and is expected to complete in 12–18 months from announcement, with Warner Bros. Discovery spinning off its traditional TV networks into a separate company called Discovery Global.

What exactly is Netflix getting?

  • Netflix is set to take over Warner Bros. film and TV production units, DC Studios, HBO, HBO Max, and major labels like New Line Cinema, plus key international sports rights (TNT Sports outside the U.S.).
  • That means iconic franchises such as Harry Potter, Game of Thrones, and DC superheroes like Batman and Superman would sit under Netflix’s umbrella once the deal closes.

What happens to the rest of Warner Bros. Discovery?

  • The cable networks (like CNN, TNT in many markets, and other linear channels) are planned to be carved out into a separate company called Discovery Global , which Netflix is not buying.
  • Warner Bros. Discovery will first split into two entities—Warner (studios + streaming) and Discovery Global (networks)—and then the Warner side goes to Netflix if all approvals go through.

Why this is a big deal in 2025–2026

  • The acquisition turns Netflix from a pure streaming disruptor into a full-scale Hollywood studio owner with one of the largest content libraries in the world.
  • Industry groups and some former executives have already warned that this could reduce competition in Hollywood and give Netflix enormous leverage in streaming and content deals.

Quick TL;DR

  • Who bought Warner Bros? Netflix (agreement announced, not fully closed yet).
  • What’s included? Warner Bros. film/TV studios, DC, HBO, HBO Max, and more big-name labels and franchises.
  • What’s not included? Traditional TV networks like CNN and many cable channels, which are set to become “Discovery Global.”

Information gathered from public forums or data available on the internet and portrayed here.