Netflix to buy Warner Bros Discovery in $72 billion takeover

Netflix announced a landmark agreement to buy Warner Bros Discovery’s TV and film studios and its streaming division for $72 billion, marking one of the largest entertainment mergers in modern Hollywood.

The deal puts one of the industry’s oldest and most storied studios under the control of the streaming company that helped upend traditional media.

The acquisition signals a turning point for Netflix, which built its global footprint by reshaping how audiences consume television and movies. With this move, the company steps deeper into the role of a conventional Hollywood studio while retaining its digital edge.

The agreement followed a competitive bidding race. Netflix’s offer of nearly $28 per share topped that of Paramount’s Skydance, long viewed as the frontrunner after repeatedly attempting to acquire Warner Bros Discovery, including its cable networks slated for a future spinoff.

Netflix will gain access to Warner Bros’ century-old library, home to major franchises such as “Game of Thrones,” “Harry Potter” and DC Comics’ lineup of superheroes, including Batman and Superman.

After the announcement, Warner Bros Discovery shares rose 3.2% to $25.33. Netflix slipped 0.2%, while Paramount dropped 6.1%.