Netflix has struck a deal to buy the film and streaming businesses of Warner Bros Discovery for $72bn, edging out rivals Comcast and Paramount Skydance.
Netflix said the transaction is expected to close – subject to regulatory approvals – after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded company. That process is due to complete in Q3 2026.
TNT Sports International – which includes the UK & Ireland operation rebranded from BT Sport to TNT Sports, plus WBD’s sports channels in Latin America – is expected to stay with the streaming and studios division that is to be sold to Netflix.
Back in June, Warner Bros. Discovery announced plans to separate the company into two publicly traded companies: the Streaming & Studios company, which it said will consist of TNT Sports International (UK and Ireland), Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, including its film and television libraries.
Meanwhile, Global Networks will include TNT Sports in the US plus premier entertainment, news television brands around the world including CNN and Discovery, top free-to-air channels across Europe, and digital products such as the Discovery+ streaming service and Bleacher Report (B/R).
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEO of Netflix.
“Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. 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.”
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery.
“For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
