After months of speculation, Warner Bros. officially has a new home: Netflix.
Late Thursday night, news broke that the streaming giant had entered exclusive negotiations to purchase Warner Bros. and its studio and streaming assets following the company’s upcoming separation from Discovery Global. Come Friday morning, the news was made official, with Netflix announcing that it has entered an agreement to acquire the storied entertainment and media company in an $82.7 billion deal.
According to the release, the deal is expected to close following Warner Bros. Discovery’s upcoming split, which is expected to take place in Q3 of 2026.
“Our mission has always been to entertain the world,” Netflix co-CEO Ted Sarandos said in a statement. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
Added Warner Bros. Discovery president and CEO David Zaslav: “Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most. For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
News of Netflix’s purchase brings an end to a months-long saga, which first kicked off with Paramount making an unsolicited to offer to purchase the entirety of Warner Bros. Discovery, including Discovery Global’s legacy cable TV assets. After Warner Bros. Discovery made it clear it was open for business, Netflix and Comcast entered the negotiations, with both entities only interested in buying the Warner Bros.(studio and streaming) side of the company.
With Warner Bros. Discovery targeting a decision by Christmas, negotiations ramped up this week as Paramount publicly applied pressure. With a third round of offer due on Thursday, it was Netflix that ultimately won out in one of the most significant media transactions in recent memory.
Suffice it to say, there will be no shortage of fallout from the deal, at Netflix, Warner Bros. Discovery and elsewhere. And that also includes the question of what’s next for TNT Sports, which remains a part of Discovery Global’s portfolio.
About Ben Axelrod
Ben Axelrod is a veteran of the sports media landscape, having most recently worked for NBC's Cleveland affiliate, WKYC. Prior to his time in Cleveland, he covered Ohio State football and the Big Ten for outlets including Cox Media Group, Bleacher Report, Scout and Rivals.