Netflix buys Warner Bros. and HBO — here’s what it’ll control

Netflix announced a massive deal to acquire Warner Bros. Discovery Inc., a company that controls huge entities like HBO and CNN.

Which networks Netflix will control, however, is a bit complicated.

Warner Bros. put itself up for sale last month, and as Blaze News reported, was simultaneously being eyed for acquisition by Amazon.

‘Our mission has always been to entertain the world.’

Netflix has seemingly won the battle though, with a cash and stock transaction valued at $27.75 per share for Warner Bros. Discovery, totaling approximately $82.7 billion, which equates to an equity value of $72 billion after debt, according to CNN and Netflix.

The deal is expected to close in Q3 2026, which will give WBD a chance to conclude the separation of its company, which has huge implications in terms of which channels Netflix takes control of.

Split decision

In June 2025, WBD decided to split itself into two companies, WBD Global Networks and WBD Streaming & Studios. The split is expected to take effect in summer 2026, after which Netflix will take over the Streaming & Studios company.

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NEW YORK – JUNE 10, 2007: Actor Ray Abruzzo attends an HBO screening of the series finale of ‘The Sopranos.’ (Photo by Evan Agostini/Getty Images)

This means Netflix will gain Warner Bros Pictures/Television/Games, HBO, streaming service HBO Max, TNT Sports (international), and studio New Line Cinema.

The acquisition also comes with the rights to some of the most highly sought after shows around, such as “Friends,” “Game of Thrones,” “The Sopranos,” “The Big Bang Theory,” and those in the DC Comic Universe. As well movies like the “Harry Potter” franchise will move to Netflix.

CNN not included

There were questions as to what it would mean for CNN should WBD be acquired by a different platform, but the news network will fall under WBD Global Networks and not move to Netflix.

The same goes for networks like HGTV, Discovery, TBS, the Cartoon Network, TNT Sports (U.S.), along with the rights to the NHL, NCAA, and Olympics in terms of sports.

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Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images

Shareholder service

Ted Sarandos, co-CEO of Netflix said, “Our mission has always been to entertain the world.”

He added that the combination of Warner Bros.’ library and Netflix’s catalogue will “give audiences more of what they love and help define the next century of storytelling.”

Greg Peters, the other co-CEO of Netflix, said the acquisition will “accelerate” their business for decides.

“With our global reach and proven business model, we can introduce a broader audience to the worlds they create — giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”

Warner Bros. Discovery CEO David Zaslav added that the sale to Netflix will “ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

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