Netflix announced on Friday that it has reached a definitive agreement to acquire Warner Bros. Discovery (WBD), including its film and television studios, streaming service HBO Max (and HBO), for a combined enterprise value of approximately US $82.7 billion — the largest deal in the entertainment industry this decade. Netflix+2Forbes+2

Under the terms, WBD shareholders will receive $27.75 per share — split into a cash payment and Netflix stock — valuing the deal at roughly $72.0 billion in equity. Netflix+2Fortune+2

The acquisition will bring to Netflix the storied assets of Warner Bros., including a massive catalogue of iconic films and television shows — from classic cinema to modern franchises such as those based on the DC Universe, as well as hit series originally under HBO Max. MacRumors+2The Financial Express+2

According to the announcement, the transaction will be completed only after WBD spins off its “Global Networks” division (which includes its cable-network business) into a separate publicly traded company, expected by the third quarter of 2026. Netflix+2Forbes+2

Both companies’ boards have approved the agreement. Netflix said the merger would combine the global reach and streaming dominance of Netflix with the century-long storytelling legacy of Warner Bros., promising “more choice and greater value for consumers.” Netflix+2PR Newswire+2

If approved by regulators and shareholders, the deal is set to reshape the entertainment landscape — drawing comparisons to previous major consolidation efforts, like The Walt Disney Company’s 2019 acquisition of 20th Century Fox.