Netflix Is Set to Buy Warner Bros. in a Deal That's Worth Almost $83 Billion
The move could reshape what Hollywood looks like for decades to come.
Published Dec. 5 2025, 9:33 a.m. ET
In a move that could reshape the future of Hollywood, news broke on Dec. 5 that Netflix is set to purchase Warner Bros. The news of the purchase has far-reaching implications, and while the deal is not done yet, its announcement is a major step toward consolidation in Hollywood.
Warner Bros., which owns HBO as well as a film studio and other properties, is one of the oldest studios remaining in Hollywood. Here's what we know about the potential Netflix purchase.
Did Netflix buy Warner Bros.?
According to Variety, Netflix has agreed to buy Warner Bros. for a purchase price of $82.7 billion. The announcement comes after weeks of bidding between rivals, with Paramount the other major potential buyer.
“By adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose,” Netflix said in a press release. “This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content.”
Of course, the most obvious ramification of this deal is that it will combine two of the biggest libraries in the world of streaming. You'll potentially be able to watch Game of Thrones and Stranger Things on the same streamer, assuming the deal goes through.
It also means that Warner Bros., which has released several of the biggest theatrical movie hits of the past few years, might be changing its approach to movies.
“This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling," the companies said.
The exact plans for what the combined streaming offering might look like are still in up in the air, as are many of the details of the deal.
The deal still faces potential hurdles.
Although the finalization of this deal makes it more likely than not that Netflix and Warner Bros. will ultimately combine, it's far from a done deal. The biggest hurdle is potential antitrust challenges that the United States and other global economies could raise, especially considering how big Netflix's global footprint already is. This move would make it the biggest studio in the world by far, with unrivaled power over the entertainment diets of hundreds of millions of people.
Even if the deal is finalized, it will likely be at least a year before we begin to see the kind of consolidation that will happen eventually.
If you're hoping to see Netflix totally transformed, you're going to have to wait a while to notice Warner Bros. titles popping up on the service.
Although plenty in Hollywood are skeptical of the deal, Netflix CEO Ted Sarandos claims it will ultimately be good for the entertainment industry. By uniting Netflix’s member experience and global reach with Warner Bros.’ renowned franchises and extensive library, the company will create greater value for talent — offering more opportunities to work with beloved intellectual property, tell new stories, and connect with a wider audience than ever before," he said.