Netflix moves to reshape Hollywood with acquisition of Warner Bros. Discovery in  $83bn deal 

Netflix is poised to make one of the most consequential moves in modern entertainment history with an $82.7 billion deal to acquire Warner Bros. Discovery’s studio and streaming assets, The New York Times has reported. The transaction, which includes debt liabilities, is expected to be completed by the third quarter of 2026.

Netflix’s co-chief executive, Ted Sarandos, framed the acquisition as a defining moment for the industry. “Together, we can give audiences more of what they love and help define the next century of storytelling,” he said.

The streaming giant – credited with revolutionising home entertainment and now serving over 300 million subscribers – was widely seen as the frontrunner in the bidding contest, outmanoeuvring Paramount and Comcast. One of Netflix’s key offers was a commitment to preserve theatrical releases for Warner Bros. Discovery films, a notable departure from its typical strategy of prioritising direct-to-streaming debuts.

If U.S. regulators approve the deal, Warner Bros. Discovery would become the first major legacy Hollywood studio to be fully absorbed by a Silicon Valley company, marking a seismic shift in power dynamics within the global entertainment industry.

Reverberations are already being felt. Canal+–owned MultiChoice has confirmed that 11 Warner Bros. Discovery channels – including CNN International, Food Network and Cartoon Network – will depart the DStv platform when their current distribution agreement expires on December 31, 2025.