On December 5, 2025, Netflix announced the completion of its acquisition of Warner Bros. Discovery for $72 billion, a deal that includes the HBO Max streaming service and various film and television studios. This acquisition is set to significantly reshape the entertainment landscape, merging two major entities in the industry known for popular franchises such as "Harry Potter" and "Friends."

The transaction, valued at approximately $27.75 per share, involves Netflix assuming over $10 billion in Warner Bros. debt, bringing the total deal value to about $82.7 billion. The acquisition follows a competitive bidding process, where Netflix outbid other interested parties, including Paramount Skydance and Comcast.

Warner Bros. Discovery plans to separate its Discovery Global cable operations into a new publicly traded company by 2026, allowing Netflix to acquire the Warner half. Despite the deal's completion, it faces rigorous regulatory review in the United States and other jurisdictions, with concerns raised about potential antitrust issues due to Netflix's already substantial subscriber base of over 300 million. The addition of HBO Max could increase this figure to over 420 million, raising alarms about market concentration in the streaming sector.

Industry stakeholders, including Cinema United, which represents theater owners, have expressed concerns that the merger could threaten the global exhibition business, potentially leading to theater closures and job losses. The organization has urged regulatory bodies to scrutinize the implications of the deal, particularly given Netflix's historical preference for streaming over traditional theatrical releases.

Netflix co-CEO Ted Sarandos emphasized the merger's potential to enhance the company's mission to entertain a global audience by combining Warner Bros.' extensive library with Netflix's original content. However, skepticism remains within the industry regarding the impact on competition and the creative rights of directors and their teams, prompting discussions between Netflix and the Directors Guild of America.

As the entertainment industry continues to evolve, this acquisition marks a pivotal moment, consolidating significant media assets under one corporate umbrella and potentially altering the dynamics of content creation and distribution.