Netflix locked down a historic $72 billion acquisition Friday, grabbing control of Warner Bros Discovery’s film studios, TV production units and streaming platforms, outbidding Paramount, Skydance and Comcast in a high-stakes race that redrew the map of Hollywood’s media empires.
The deal hands Netflix the keys to a century’s worth of iconic intellectual property, including the Batman, Superman, Harry Potter and Game of Thrones franchises. It also gives the streaming juggernaut full ownership of HBO Max and Warner Bros.’s production infrastructure, further cementing its grip on the global content market. Netflix offered $27.75 per share in a mix of cash and stock for Warner Bros Discovery’s streaming and studio assets, while the company’s cable networks, including CNN and TNT, will be spun off into a separate business.
The move comes as Warner Bros Discovery wrestled with $40.4 billion in debt and a $148 million loss in Q3. CEO David Zaslav announced in June 2025 that the company would split its operations to attract potential buyers. The formal sale process began in October after Warner Bros received multiple unsolicited offers.