On 5 December 2025, Netflix announced that it will acquire Warner Bros. Discovery’s core film and television studios, including its streaming service HBO Max, in a landmark deal valued at US $72.0 billion in equity terms (enterprise value around $82.7 billion including debt).
Under the agreement, each Warner Bros. Discovery shareholder will receive a combination of cash and Netflix stock.
What Netflix gets
With the acquisition, Netflix will take over one of the world’s richest entertainment catalogs including franchises and properties from Warner Bros., HBO, and DC. Classics and blockbuster series alike will now be under Netflix’s umbrella.
Executives from both companies emphasised the strategic value: Netflix aims to blend its global streaming reach and user base with Warner’s storied creative legacy promising more content, larger library access, and greater production capacity worldwide
What to watch potential challenges & changes
Industry analysts caution that although combining two major entertainment giants could bring efficiencies and larger content libraries, subscribers may not immediately see dramatic changes — there is overlap between their current audiences, and content release strategies may require time to align.
For the broader film & cinema ecosystem — especially theatres and smaller studios — the consolidation may pose threats: less competition, fewer buyers for third-party content, and a shift toward streaming-first releases. Observers warn that this could reshape how movies are distributed globally.
What it means for global audiences (and markets like India)
Subscribers may soon access a huge combined library classic films, HBO originals, DC and Warner franchises — under a single (or bundled) streaming service.
Content availability could become more centralized: many previously theater-or-cable-exclusive titles might move to streaming.
In markets like India, where streaming growth is strong, this could accelerate access to global content — but also raise concerns over pricing, licensing, and cultural balance.
For creators and production houses, the shift could mean a dominance of large studios: smaller producers may find it harder to compete without backing from major streaming platforms.
