Streaming giant Netflix on Friday announced that it will acquire Warner Bros, including film and television studios, HBO Max and HBO, in a cash and stock transaction, with a total enterprise value of nearly USD 82.7 billion.

The transaction is expected to close after the transaction is targeted to close within 12 to 18 months after the restructuring, which is expected to close in Q3 2026, according to a joint statement by Netflix and Warner Bros. As part of the deal, Warner Bros. Discovery shareholders will receive USD 23.25 per share in cash and USD 4.50 in Netflix stock.

As expected, the partnership means Warner Bros’ mammoth catalogue, including classics like The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will now be available on Netflix.

“This acquisition will improve our offering and accelerate our business for decades to come,” said Greg Peters, co-CEO of Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”

“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.”

What Netflix Gains

The acquisition allows Netflix to now exert power over Hollywood’s most influential content libraries and instantly scale up its own production infrastructure. Historically, Netflix has banked on external studio partners for content productions. With Warner Bros under its kitty, it has now more independence in terms of production as well as gets direct access to global franchises, and eventually be able to build a deeper content pipeline.

This could further double up with Netflix’s prowess in vertical integration across film, television, distribution, and merchandising. Furthermore, this also helps Netflix tap into the global theatrical and streaming distribution. For consumers, the partnership will enable a larger content library at relatively low costs.

It is worth noting that the deal is pending regulatory approval and that there are wide concerns if it creates a monopoly over streaming and content distribution.

Impact On Asia’s Media Ecosystem

This landmark deal could potentially reshape the streaming wars across Asia, including large markets like India. The consolidation of media power is expected to impact smaller players, including regional streaming platforms, as they will need to step up their efforts to compete with the new media giant. It’s also likely that the local streaming landscape may see consolidation, co-production alliances, or heavier investments to keep competing with the Netflix-Warner Bros juggernaut. There will also be a revisit to the existing content distribution models as theatrical and streaming priorities are going to change region by region