Netflix to acquire Warner Bros. Discovery for $83bn

Netflix is acquiring Warner Bros. Discovery for just under $83 bn (including debt). The deal combines extensive content libraries (e.g. Game of Thrones, DC, Harry Potter) and strengthens Netflix's position in the global streaming market. Completion is expected in the 3rd quarter of 2026. Antitrust concerns in the USA and Europe are to be expected; possible effects on cinema releases and competition authorities are being monitored. Follow-up: On 26 February 2026 Netflix withdrew from the bidding war after the WBD board deemed Paramount Skydance's increased cash offer ($31 per share) superior (source: CNBC, 26 Feb 2026, https://www.cnbc.com/2026/02/26/warner-bros-discovery-paramount-skydance-deal-superior-netflix.html). Paramount's takeover was approved by WBD shareholders in April 2026 and cleared with conditions by the European Commission on 22 July 2026 (see separate entry).