In one of the biggest shake-ups the entertainment industry has seen in decades, Netflix announced this Friday (05) that it has reached a definitive agreement to acquire Warner Bros. Discovery’s Studios and Streaming division, which includes HBO, HBO Max and a vast catalog of blockbuster franchises such as Harry Potter, Game of Thrones, and productions tied to the DC Universe and Universe A.D.
The deal is valued at approximately US$72 billion (around R$430 billion), with completion expected by the third quarter of 2026, pending approval from regulatory authorities. Netflix reportedly outbid competitors—including Paramount—to secure the acquisition.
If fully approved, the merger will reshape the global streaming landscape, bringing together two of the most influential entertainment libraries in the world.
HBO and HBO Max Content Coming to Netflix
According to Netflix’s official statement, the company will integrate the entire HBO and HBO Max catalog of films, series, and documentaries into its service. This means iconic titles—old and new—will become available under the Netflix umbrella.
This includes:
- Friends
- The Big Bang Theory
- Harry Potter franchise
- Game of Thrones
- DC Universe films and series
- Prestige HBO originals like Succession, The Last of Us, Euphoria, Westworld, among many others
Such a move instantly strengthens Netflix’s content library, giving it unparalleled depth and franchise power.
Warner Bros.’ Film Operation Will Continue Normally
Netflix clarified that despite the acquisition, Warner Bros.’ current theatrical release plans will remain intact. The studio will continue producing and distributing films for cinemas, maintaining its presence in the global box office ecosystem.
This means upcoming DC films, Wizarding World projects, and other Warner tentpoles will follow their previously planned distribution strategies.
More Plans and Playback Options for Subscribers
Netflix highlighted that the bolstered catalog will allow the company to “optimize offerings for consumers”, which may include:
- new subscription tiers
- expanded catalog access
- more robust playback and discovery features
Specific details have not yet been disclosed, but the company emphasized that the goal is to create a more versatile and comprehensive streaming experience.
What’s Not Included in the Deal
Although Netflix is acquiring the Studios & Streaming division, the deal does not include Warner Bros. Discovery’s television networks. Earlier this year, WBD reorganized into two separate business units:
- Streaming & Studios — the division Netflix is acquiring
- Global Networks — which will remain under Discovery Global, including:
- CNN
- TNT Sports
- Discovery Channel
- Other linear broadcast networks
This separation is expected to be finalized by Q3 2026, just before the acquisition closes.
If approved, the Netflix–WBD deal will be one of the largest entertainment mergers in history, rivaling past megadeals such as Disney’s acquisition of Fox. The combination of Netflix’s global streaming power and Warner’s iconic franchises will create a consolidated media titan with unprecedented reach.
The consolidation marks a defining moment in the streaming wars, as platforms increasingly compete for exclusive content, large franchises, and long-term subscriber loyalty.
With regulatory review now underway, the media world will be watching closely to see how this monumental acquisition reshapes studios, streaming strategies, and the future of global entertainment over the next decade.
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