The end of the streaming wars is near: Netflix officially announced the acquisition of Warner Bros. for $82 billion

If regulators approve the transaction, the service will gain access to franchises and properties from HBO, DC, Harry Potter, The Lord of the Rings, and many more.

Netflix has officially announced its intention to acquire Warner Bros. in a transaction valued at $82.7 billion. Following regulatory approval, the world’s largest streaming platform would obtain one of the richest content libraries — encompassing DC Comics franchises, the Harry Potter and The Lord of the Rings sagas, and HBO with its roster of original series.

Analysts describe the deal as a historic move that could firmly entrench Netflix’s market leadership. Wall Street experts say the combination would significantly expand the company’s content slate and strengthen its competitive position against rivals such as Amazon and Disney.

Bank of America suggests the merger “achieves three objectives at once”: it reinforces Netflix’s standing, relieves Warner Bros. Discovery of a portion of its debt load, and calls into question the competitive prospects of firms like Paramount and NBCUniversal.

According to Morgan Stanley, the strategic upside is clear: Netflix would acquire not only dozens of iconic brands but also access to Warner Bros.’ production capacity, a studio with a history spanning more than a century. This could reshape the overall structure of the modern media landscape.

The transaction is expected to close after WBD’s global networks division, Discovery Global, is spun off into a separate public company. That separation is anticipated in the third quarter of 2026, after which the parties could finalize the agreement.

As with other major takeovers, antitrust scrutiny remains the primary hurdle. Netflix has provisioned $5 billion in compensation in the event the deal does not receive approval.

Source: iXBT.games