NEW YORK — Netflix has agreed to acquire Warner Bros. Discovery, the studio behind HBO Max and franchises like Harry Potter and DC Studios, in a $72 billion cash and stock deal that could reshape the global entertainment landscape.
If regulators approve, Netflix will combine its streaming platform and original content, including hits like Stranger Things and Squid Game, with Warner’s film and TV operations. The merger would create one of the world’s largest media giants but faces intense antitrust scrutiny over its impact on competition, pricing, and movie theaters.
The deal values Warner shares at $27.75 each, totaling an enterprise value of $82.7 billion, including debt. The transaction is expected to close in 12–18 months, after Warner separates its cable and news networks, which are not included in the sale.
Industry experts say the merger could create a “mega streaming service” combining HBO Max and Netflix, offering potential price relief or bundled subscriptions for consumers. Ted Sarandos, Netflix co-CEO, said the deal will give audiences “more of what they love,” while Warner CEO David Zaslav promised the combination will preserve the legacy and storytelling power of Warner’s studios.
Critics, however, warn of job losses, reduced diversity of content, and damage to theaters. Cinema United and the Writers Guild of America have expressed concerns, saying Netflix’s model does not support theatrical releases. Netflix has pledged to continue Warner’s planned theatrical screenings.
The merger also caught the attention of U.S. lawmakers. Democratic Senator Elizabeth Warren called it an “anti-monopoly nightmare,” while Republican Senator Roger Marshall warned it poses risks for consumers, creators, and local businesses.
The acquisition follows months of competitive bidding, with rival offers from Comcast and Paramount/Skydance. Warner’s cable and news operations will spin off as Discovery Global, a separate publicly traded company expected by late 2026
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Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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