So this just happened.
Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
Warner Brothers is an absolute giant that's been around since the beginning of the industry. The company had already been out for 20 years when one of its story editors convinced the studio to buy the rights to Casablanca in 1942.
There are too many films to list here, but some of its largest franchises include:
Lord of the Rings, including the Hobbit trilogy, upcoming Hunt For Gollum film, and film rights for Amazon's Rings of Power (we don't talk about that abomination, though)
Harry Potter (including the Wizarding World, stage play Cursed Child, and upcoming HBO series)
The entire DC comics film universe, including all the Batmans and Supermans
The Matrix series
The Dune universe
The LEGO movies
The Godzilla films
The Sopranos
The Mad Max franchise
Looney Tunes (and Space Jam)
Hannah-Barbara cartoons like Tom & Jerry, Yogi Bear, Scooby Doo, and The Flintstones
Game of Thrones
The Last of Us
Blade
The Big Bang Theory (and spinoff shows)
Adult Swim shows (like Robot Chicken)
And for those of you who like it, Friends...
'Today's announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,' said David Zaslav, President and CEO of Warner Bros. Discovery. 'For more than a century, Warner Bros. has thrilled audiences, captured the world's attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come.'
Me, watching all the stories I used to resonate with be turned into trash because they were bought for "IP mining":
People had some thoughts about their old mail-in DVD rental service buying a titan of Hollywood.
(Paramount was originally rumored to be taking over the company.)
We'll see what Netflix does now that it has a whole new bunch of franchises to play with (destroy).
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