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Netflix just made its biggest power play yet.
What’s the deal: the streamer has agreed to buy Warner Bros Discovery’s TV and film studios and its streaming division for about $72 billion, taking control of one of Hollywood’s oldest and most prized content engines.
The deal comes after a weeks-long bidding war, Netflix offered about $28 for each share, which was higher than Paramount Skydance’s offer of about $24 per share, so Netflix won the deal battle.
Why it matters: Netflix is already the world’s biggest paid streamer with 300 million plus subscribers.
If it adds WBD’s studios and a rival streaming platform that includes HBO Max and has close to 130 million subscribers, it becomes an even bigger heavyweight with more leverage across theatres, talent deals, and unions. It could also push smaller players toward mergers just to keep up.
Timeline wise, this is not an overnight close. The acquisition is expected to wrap up after WBD’s TV networks separation, currently targeted for Q3 2026, with companies estimating a 12 to 18 month closing window.
The big speed bump is regulation. Anti-trust scrutiny in the US and Europe is expected to be intense, and there’s no guarantee it clears in its current form.
