Netflix announced today that it will acquire Warner Bros. for $72 billion. This acquisition includes both HBO and HBO Max, but the deal will require a long time before it is completed, because parent company Warner Bros Discovery first needs to spin off its global networks division into a new public entity under the name Discovery Global.
This separation is expected to be completed during the third quarter of 2026, after which Netflix will acquire the remainder of the company’s assets, specifically the current broadcast and studio division of WBD.
This section includes WB Studios, as well as HBO and the streaming service HBO Max. Netflix notes that it expects to maintain WB’s current operations and build on its strengths, including continuing to release films in theaters. It also confirms that it will add the huge libraries of films and series from WB, HBO and HBO Max to its platform for its subscribers.
So far, it appears that WB Studios will continue to operate independently, while the fate of HBO Max remains unclear, whether it will be integrated within Netflix or kept as a separate service. In any case, there is still a long time to decide, as Netflix expects the deal to be completed within 12 to 18 months.
It should be noted that the deal does not include CNN, Discovery with its various channels, or TNT Sports, as these entities will remain within Discovery Global.
