Netflix To Buy Warner Bros. Discovery In $82.7 Bln Cash, Stock Deal

(RTTNews) - Streaming video giant Netflix, Inc. (NFLX) announced Friday an agreement to acquire media major Warner Bros. Discovery, Inc. (WBD) for a total enterprise value of approximately $82.7 billion, or an equity value of $72.0 billion.

In the pre-market activity, Netflix is down 2.8%, while Warner Bros is gaining 1.5%.

The cash and stock deal to acquire Warner Bros., including its film and television studios HBO Max and HBO, is valued at $27.75 per WBD share. The per share price comprises $23.25 in cash and $4.50 in shares of Netflix common stock.

The acquisition is expected to close after the previously announced separation of Warner Bros. Discovery's Global Networks division, Discovery Global, into a new publicly-traded company. The planned separation is now expected to be completed in the third quarter of fiscal 2026.

Under the deal, Netflix said its innovation, global reach and best-in-class streaming service will be combined with Warner Bros.' century-long legacy of storytelling.