Netflix to Acquire Warner Bros. Studio and Streaming Business for $72 Billion

BURBANK, CALIFORNIA – SEPTEMBER 12: An American flag flies at Warner Bros. Studio on September 12, 2025 in Burbank, California. Media giant Paramount Skydance is reportedly preparing a bid to purchase Warner Bros. Discovery, including its movie studio and cable networks. (Photo by Mario Tama/Getty Images)

NEW YORK (AP) — Netflix has struck a deal to buy Warner Bros. Discovery, the Hollywood giant behind “Harry Potter” and HBO Max. The $72 billion deal announced Friday would bring together two of the biggest players in television and film and potentially reshape the entertainment industry. If approved by regulators, the merger would put two of the world’s biggest streaming services under the same ownership — and join Warner’s television and motion picture division, including DC Studios, with Netflix’s vast library and its production arm, which has released popular titles such as “Stranger Things” and “Squid Game.”