Netflix to Buy Warner Bros. Discovery in $82.7B Deal

Netflix has reached an agreement to acquire Warner Bros. Discovery's TV and film studios and streaming assets in a deal valued at roughly $82.7 billion, marking one of the largest entertainment mergers in industry history.

The Details: Internally dubbed "Project Noble", the deal was assembled after Netflix secured $59 billion in financing from a consortium of banks and is expected to close in the third quarter of 2026. According to reports, Netflix offered about $28 per share for Warner Bros. Discovery (WBD), mostly in cash, including a reported $5 billion breakup fee if the transaction does not close. Netflix said the acquisition would preserve Warner Bros.' theatrical releases, expand studio operations and generate an estimated $2-3 billion in annual cost savings. Executives argued combining Netflix with HBO Max could offer consumers more value and broader creative opportunities, though specifics about integration are still limited.

For Context: The agreement follows a weeks-long bidding war involving Netflix, Paramount and Comcast. Analysts said Netflix could be seeking to secure long-term rights to major franchises such as "Game of Thrones," "DC Comics," and "Harry Potter," and reduce reliance on outside studios amid expansion into gaming and new revenue lines. 

How the Media Covered It: Many outlets on the left noted opposition to the deal and potential antitrust challenges. Bloomberg (Lean Left bias) covered Paramount's objections that the process was "tainted", "myopic", and favors "a single bidder." It quoted attorneys for Paramount saying WBD "appears to have abandoned the semblance and reality of a fair transaction process," and that a deal with Netflix will "likely never close." Forbes (Center) noted Netflix's shares fell 2.33% while WBD rose. It also included critiques from the Director's Guild of America (DGA) saying the deal "raises significant concerns for the DGA." Outlets on the right emphasized the impact of the deal, saying it'll reshape the entertainment industry. Newsmax (Right) wrote the deal "further tilt[s] the power balance in Hollywood" toward Netflix, while Fox Business (Lean Right) said it reinforces Netflix "as the most powerful distribution platform." Fox Business also noted potential legal challenges.

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