Netflix has officially announced a historic $72 billion agreement to acquire Warner Bros., marking one of the biggest entertainment mergers in recent years.
The massive deal includes major assets such as HBO and HBO Max, significantly expanding Netflix’s content portfolio. However, the acquisition process is expected to take time due to corporate restructuring within Warner Bros. Discovery (WBD), the current parent company of WB.
According to the details shared, WBD will first separate its Global Networks division into a new publicly traded entity called Discovery Global. This structural split is planned for completion in the third quarter of 2026. Only after this transition will Netflix move forward with acquiring the remaining Streaming & Studios division, which includes Warner Bros. studios and the entire HBO ecosystem.
Netflix has stated that it plans to maintain Warner Bros.’ current operations, ensuring that the iconic studio continues releasing films theatrically while preserving its creative identity. The company also revealed its intention to integrate WB’s extensive film and TV catalog into Netflix’s platform, offering customers access to a broader selection of premium content. This includes HBO originals, HBO Max exclusives, and decades of WB productions.
One major question remains unresolved: what will happen to HBO Max once the acquisition is finalized? Netflix has not confirmed whether the platform will continue operating independently or merge into Netflix’s interface. Regardless, subscribers can expect significant changes once the merger enters its final phase.
The entire process is projected to be completed within 12 to 18 months after WBD’s restructuring, putting the final acquisition timeframe somewhere between late 2026 and mid-2027. Notably, the deal does not include certain WBD properties. Channels such as CNN, Discovery, and TNT Sports will be moved entirely under the new Discovery Global brand and will not be part of Netflix’s purchase.