Netflix to purchase Warner Bros. film studios, HBO, and HBO Max in a deal worth $82.7 billion

Netflix has successfully secured the acquisition of Hollywood powerhouse Warner Bros., ending a competitive bidding process. The agreement, officially confirmed on Friday, covers Warner Bros. film and television studios along with the HBO network and streaming platform HBO Max, with an estimated value of $82.7 billion.

According to Netflix, the company plans to maintain Warner Bros.' existing operations while expanding on its film release strategies. "Our goal has always been to entertain audiences worldwide," stated Ted Sarandos, Netflix co-CEO. "Merging Warner Bros.' legendary libraryfrom classics like Casablanca and Citizen Kane to contemporary hits such as Harry Potter and Friendswith our original hits like Stranger Things and Squid Game enables us to provide even richer entertainment experiences."

Greg Peters, co-CEO of Netflix, emphasized that the acquisition aims to "expand options for our members" and attract more viewers to the streaming platform.

Warner Bros. Discovery CEO David Zaslav highlighted that the union combines two of the world's most renowned storytelling companies, promising audiences continued access to beloved content worldwide. The companies expect the merged entity to achieve $2-3 billion in annual cost savings by the third year post-acquisition.

The deal includes Warner Bros. major film releases, including DC Comics titles like The Batman, Joker, and the latest Superman reboot. HBO-branded content such as Game of Thrones, The Last of Us, and Curb Your Enthusiasm will also fall under Netflixs umbrella.

Author: Lucas Grant