In a seismic shift for the entertainment industry, Netflix has announced a definitive agreement to acquire the studio and streaming business of Warner Bros. Discovery for a staggering $72 billion. The proposed merger, confirmed on Friday 5 December 2025, promises to dramatically alter the competitive landscape for streaming services both in the UK and globally.
The Details of the Mega-Deal
The transaction, one of the largest in media history, will see Netflix absorb a vast catalogue of iconic films and series. This includes the rights to major franchises like Harry Potter, Game of Thrones, the DC Universe, and beloved shows such as Friends and The Big Bang Theory. The deal is expected to close within 12 to 18 months, but only after Warner Bros. Discovery completes its planned separation of its cable networks, which are not part of this sale.
Netflix, based in Los Gatos, California, stated the acquisition will add legendary films like Casablanca and Citizen Kane to its library. For Warner Bros. Discovery, formed just three years ago in a $43 billion merger, the move follows its October announcement that it was open to selling parts of its business.
What Changes for Subscribers?
For viewers, the most immediate impact will be a significantly expanded content library on a single platform. Netflix, which has seen its growth slow from peak years, gains a formidable arsenal of established hits to complement its own originals like Stranger Things and Bridgerton.
The deal specifically includes HBO, HBO Max, Warner Bros. Television, Warner Bros. Motion Picture Group, and DC Studios. It excludes cable networks like CNN, Discovery, and TNT Sports, as well as the Discovery+ streaming service. These will form a separate cable entity, with Warner's split expected by mid-2026.
The Future Streaming Landscape
This consolidation marks a pivotal moment in the streaming services wars. Netflix, which stopped reporting specific subscriber numbers in 2024 but hinted at growth from its 302 million base, has been diversifying into advertising, video games, and live sports. Absorbing Warner's assets supercharges its content offering in a bid to retain and attract subscribers.
The proposed Netflix Warner Bros. Discovery deal must still clear significant regulatory hurdles. If approved, it will create a content behemoth, potentially leading to further industry consolidation and changing how audiences in the UK and worldwide access and pay for entertainment.
