Netflix has agreed a £54bn deal to buy Warner Bros., setting the stage for one of the biggest and most transformative mergers the entertainment industry has ever seen.
The streaming giant confirmed Friday that it has reached a $72 billion agreement to acquire Warner Bros. Discovery’s iconic film and TV assets, including HBO – home to Succession, The Last of Us and Game of Thrones.
If approved by U.S. regulators, the acquisition would redefine the competitive map of global entertainment, combining Hollywood’s century-old studio system with the world’s most powerful subscription platform. The merger process is expected to last until 2027 due to intensive antitrust scrutiny.
Under the deal, Discovery Global, operator of CNN and several major U.S. networks, will separate from Warner Bros. HBO, Warner Bros Pictures, and the extensive DC, Harry Potter and Looney Tunes catalogs will move under the control of Netflix.
Netflix co-chief executive Greg Peters said the acquisition was a milestone for the industry.
“Warner Bros has helped define entertainment for more than a century and continues to do so with phenomenal creative leadership and production capabilities,” he said. “With our global reach and proven business model, we can bring the worlds they create to a broader audience, give our members more options and strengthen the entire entertainment industry.”
The deal ends a bitter bidding war in the US with Comcast, owner of Sky, and Paramount’s Skydance also vying for the home of Harry Potter, Batman and HBO.
It also reflects a deeper concern coursing through the global media sector as the streaming economy shifts, moviegoing remains fickle, and AI technologies reshape production, writing and acting. Consolidation is seen as a lifeline for legacy studios struggling to keep up with the size of digital-first platforms.
At the same time, Comcast is reportedly in advanced talks to acquire ITV’s broadcasting division for around £2bn, another sign of accelerating consolidation. The deal would bring ITV1, ITV2 and streaming service ITVX under the umbrella of the US media giant, which owns NBCUniversal. ITV Studios, the more profitable production arm behind Love Island and major international dramas, is not included in the talks.
Netflix’s acquisition of Warner Bros., a studio founded in 1923, marks a symbolic passing of the torch from Hollywood’s old guard to Silicon Valley’s new titans. And if regulators approve the merger, the world’s largest streaming platform will soon have one of the largest and most valuable catalogs ever assembled.
