Netflix and Warner Bros. Discovery announced a major industry shake-up today, revealing plans for Netflix to acquire Warner Bros., including its film and TV studios as well as HBO and HBO Max. The deal, valued at roughly $82.7 billion, brings some of the most iconic franchises in entertainment under one company.

If approved, titles like The Sopranos, Game of Thrones, Harry Potter, The Big Bang Theory, and classics such as Casablanca and The Wizard of Oz will live alongside Netflix originals like Stranger Things, Bridgerton, and Money Heist. Netflix says Warner Bros. will maintain its current operations, including theatrical releases.

Leaders from both companies emphasized that the move expands choice for viewers, increases opportunities for creators, and strengthens the broader entertainment landscape. Netflix highlighted the chance to introduce Warner Bros.’ catalog to an even wider global audience, while also enhancing its own long-term production capabilities.

Under the agreement, Warner Bros. Discovery shareholders will receive a mix of cash and Netflix stock. The transaction is expected to close in 12 to 18 months, following regulatory approval and the planned 2026 separation of Discovery Global into its own publicly traded company.

If finalized, the deal would mark one of the largest mergers in entertainment history and signal a major shift in how audiences will access some of the world’s most well-known stories.