Netflix has confirmed it has entered into a definitive agreement to buy Warner Bros., including its film and television studios, HBO, and HBO Max, in a deal worth $82.7 billion.
In a statement, Netflix said the buyout would be completed in Q3 2026. Post-acquisition, the streamer said that it still expected Warner Bros. movies to continue being released in theaters.
Celebrating its momentous acquisition of Warner Bros.’ vast content vault, Netflix said the deal would bring its global reach and streaming capabililties to a century of movies and TV franchises, as well as the studio’s biggest ongoing franchises. These notably include the DC Universe which is now being overseen by James Gunn, the Game of Thrones franchise which now has an expanded slate of spin-offs, and Harry Potter, which will soon be rebooted via an ambitious new TV series.
Netflix said it plans to add Warner Bros.’ “deep film and TV libraries”, as well as its HBO and HBO Max shows, to its own streaming service, which will mean the arrival of series such as Friends, The Big Bang Theory and House of the Dragon alongside countless movies, from Citizen Kane to this year’s Superman.
At the same time, Netflix said it would also support theatrical releases for future Warner Bros. movies — but for which titles, and for how long? Today’s announcement does not go into detail, and there will undoubtedly be questions on the extent to which Netflix will support Warner Bros.’ theatrical output, after previously saying it wouldn’t change its long-standing view on theaters versus streaming.
Word that Netflix was now a frontrunner in the race to buy Warner Bros. first emerged earlier this morning, following weeks of speculation around an imminent deal and significant interest from other parties, not least fellow Hollywood studio Paramount.
As yet, no specific mention has been made of Warner Bros.’ video games. The company owns Mortal Kombat developer NetherRealm, Batman: Arkham maker Rocksteady, and Hogwarts Legacy studio Avalanche. Next year, Warner Bros. is set to release Traveller’s Tales’ Lego Batman: Legacy of the Dark Knight, while Rocksteady is believed to be back making a new Arkham title. As for Avalanche, following the breakout success of Hogwarts Legacy, a sequel now seems all but assured.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies — from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends — with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
“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,” added 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.”
Tom Phillips is IGN’s News Editor. You can reach Tom at [email protected] or find him on Bluesky @tomphillipseg.bsky.social
