What does Netflix acquiring Warner Bros Discovery mean for viewers like you? Streaming giant confirms acquisition plans

One of the biggest shifts in the entertainment industry for decades is about to occur, as Netflix has entered into a definitive agreement to acquire Warner Bros Discovery, including its film and television studios, HBO Max and HBO.

The development comes after a drawn-out bidding war for the WBD's assets between Netflix and rivals Paramount and Comcast.

The deal is worth nearly $83 billion and is expected to close in 2026. The streamer said the cash and stock transaction is valued at $27.75 per WBD share, with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion).

The deal is expected to close in the second half of 2026 after Warner Bros completes its planned separation of its studio and streaming assets under Warner Bros from its linear television business under Discovery Global, with Netflix getting its hands on the Warner Bros side.

However, there could be big roadblocks ahead for the deal, which is yet to be approved by competition authorities.

US President Donald Trump has flagged potential competition concerns over Netflix’s acquisition of Warner Bros, saying at an event in Washington DC that it “could be a problem” because a combined Netflix-Warner Bros would “have a very big market share”.

He also said he will be involved in the process of approving the acquisition.

To complicate matters further, Paramount Skydance – which has been trying to acquire Warner Bros for some time now – said on Monday that it has made another offer to buy Warner Bros Discovery.

Paramount, which is backed by the Ellison family, said it was making a direct offer to shareholders of $30 per share to take the entire company, including its traditional TV networks which are excluded from the Netflix deal.

It said it is proposing a “superior” alternative to the Netflix deal, and argued that it had a greater prospect of approval by regulators.

But if Netflix's proposed acquisition of Warner Bros does go ahead, what would it mean for Netflix subscribers? And how could ownership from a streaming giant change things for Warner Bros which is, at its heart, a movie studio? Read on for everything we know so far.

What does Netflix acquiring Warner Bros Discovery mean for viewers like you?

It’s not a done deal yet, and you’re not going to instantly have access to a host of new titles on Netflix, but eventually it will mean that the streamer will gain access to the vast library of Warner Bros' content, which includes the Harry Potter and DC Comics franchises.

Netflix will also get hold of all HBO shows, which include Succession and Game of Thrones.

The streamer will also take control of an extensive TV archive that includes Friends and The Big Bang Theory, both of which are scheduled to be removed from Netflix at the end of the year, and classic movies such as Casablanca and Citizen Kane.

In a statement shared on Friday, Ted Sarandos, the co-chief executive of Netflix, said "Our mission has always been to entertain the world.

"By combining Warner Bros' incredible library of shows and movies – from timeless classics like Casablanca and Citizen Kane to modern favourites 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."

David Zaslav, president and CEO of Warner Bros Discovery, said: "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.”

Will Warner Bros continue releasing movies in cinemas?

In the acquisition announcement on Friday, Netflix said it "expects to maintain Warner Bros' current operations and build on its strengths, including theatrical releases for films".

In a similar vein, Sarandos said on a conference call with investors and press that Netflix will “continue to support” a “life cycle that starts in the movie theatre” for Warner Bros films, but added that he doesn’t think “long exclusive windows” are consumer-friendly.

He noted that Netflix has released 30 films in cinemas in 2025, though most of those movies had a shorter theatrical run than those from a typical studio.

Netflix's cinema releases in 2025 have included Guillermo del Toro’s Frankenstein and Kathryn Bigelow’s A House of Dynamite.

Could the price of Netflix subscriptions increase?

Naturally, another question on many viewers’ lips is whether the acquisition will affect their monthly subscription cost.

At present, the answer to this is unknown, but it seems rather likely that Netflix will hike prices in order to offset acquisition costs.

Currently, Netflix's lowest price tier is the Standard with Ads-tier for £5.99 a month, and after that it's £12.99 a month for Standard and £18.99 for Premium.

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