In a move set to redefine the global entertainment landscape, streaming titan Netflix has announced a colossal agreement to acquire the storied Hollywood studio Warner Bros. The landmark deal, valued at a staggering $72 billion (£54 billion), was formally confirmed on Friday, 5 December 2025.
A New Era for Film and Streaming
This acquisition represents one of the most significant consolidations in modern media history. It arrives at a pivotal moment for the industry, as subscription-based streaming services continue to challenge traditional cinema models and advancements in artificial intelligence stir debate about the future of creative roles. The transaction is, however, subject to rigorous regulatory scrutiny, with completion not anticipated until 2027.
As part of the complex arrangement, Warner Bros will be separated from its parent company, Discovery Global. This means news network CNN and a portfolio of US channels will remain under the Discovery umbrella. Crucially for viewers, the premium cable and streaming network HBO—the powerhouse behind iconic series like Succession, Game of Thrones, and The Sopranos—will be integrated into the Netflix platform.
Ending a Fierce Bidding War
Netflix's successful bid brings an end to a intense competition for control of the Harry Potter and DC Universe studio. Rival media giants, including Comcast (owner of Sky) and Paramount Skydance, were also vying for the prize. This flurry of high-stakes deal-making underscores the deep-seated anxiety among media executives about securing scale and iconic content libraries in an increasingly crowded and competitive market.
Greg Peters, Co-CEO of Netflix, hailed the agreement, stating: "Warner Bros has helped define entertainment for more than a century. With our global reach and business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans, and strengthening the entire industry."
Broader Context of Media Consolidation
This mega-deal is not an isolated event but part of a wider trend of consolidation sweeping the global media sector. In a parallel development, Comcast is currently in talks to acquire the broadcasting division of UK broadcaster ITV for around £2 billion. That potential deal would bring ITV's channels and streaming service, ITVX, under the same umbrella as Universal Studios. Notably, ITV Studios, the highly valuable production arm responsible for hits like Love Island, is reportedly not part of those discussions.
The Netflix-Warner Bros union promises to create a content behemoth with an unparalleled library, merging Netflix's original production prowess and global distribution with Warner Bros' century of film legacy and HBO's reputation for premium television. Its final form, pending regulatory approval, will undoubtedly shape how audiences around the world consume entertainment for years to come.
