Netflix has agreed to acquire Warner Bros. Discovery's studios and streaming division, including HBO and HBO Max, in a deal valued at $82.7 billion enterprise value ($72 billion equity value).​ Deal Details The transaction, combining cash and stock at about $27.75 per Warner Bros. Discovery share, follows a competitive bidding process against rivals like Paramount Skydance and Comcast. It awaits regulatory approval and is expected to close 12-18 months after Warner Bros. Discovery spins off its TV networks into Discovery Global by Q3 2026. Netflix faces a $5-8 billion breakup fee if the deal fails due to regulatory issues.

Analysts suggest mixed outcomes: bundling HBO Max content into Netflix could lower effective costs through enhanced value without separate subscriptions, potentially reducing overall streaming expenses for consumers. However, reduced competition from owning major libraries like HBO and DC may enable price hikes, as Netflix gains pricing power post-merger.​
Netflix raised U.S. prices in January 2025, increasing the ad-free standard plan from $15.49 to $17.99 monthly and the ad-supported tier from $6.99 to $7.99, driven by subscriber growth rather than the acquisition. Cost savings of $2-3 billion annually by year three could either benefit subscribers or fund further content investments, with no firm commitments specified.