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Netflix and Warner Bros. Discovery (WBD) announced Friday they have entered into an agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max, and HBO.

The cash-and-stock transaction is valued at $27.75 per WBD share, amounting to a $72 billion deal and a total enterprise value of approximately $82.7 billion, Netflix said in a statement.

The acquisition would give Netflix full ownership of a century-old Hollywood studio and iconic franchises such as Harry Potter, Batman, Game of Thrones, Friends, and The Sopranos, as well as HBO's prestige brand, instantly merging Netflix's 300 million global subscribers with Max's 128 million.

Netflix has assured regulators, theater chains, and talent guilds that it will honor all existing Warner Bros. theatrical release commitments, a key concern across Hollywood.

The deal is anticipated to finalize in the third quarter of 2026 following the TV networks' separation. The firm projected that the deal would be completed in 12 to 18 months.

Each Warner Bros. Discovery shareholder will get $23.25 in cash and $4.50 in Netflix common stock for each share of WBD common stock remaining after the merger is completed.

The agreement, which is subject to regulatory and WBD shareholder approval, was unanimously approved by the boards of directors of Netflix and Warner Bros. Discovery.

In terms of branding, HBO is widely expected to retain its name and creative independence—similar to Marvel and Pixar under Disney—while future projects may bear dual logos such as "A Warner Bros. Picture, A Netflix Original," with the Max app likely to be folded into Netflix within 18-24 months, sources told The Hollywood Reporter and The New York Times earlier.

When completed, the deal would be the largest media transaction of the decade and fundamentally reshape Hollywood for generations to come.