Netflix has agreed a £54 billion deal to buy Warner Bros, setting the stage for one of the biggest and most transformative mergers the entertainment industry has ever seen.
The streaming giant confirmed on Friday that it had reached a $72 billion agreement to acquire Warner Bros Discovery’s storied film and TV assets, including HBO — the home of Succession, The Last of Us and Game of Thrones.
If approved by US regulators, the takeover would redraw the competitive map of global entertainment, blending Hollywood’s century-old studio system with the world’s most powerful subscription platform. The merger process is expected to run into 2027 due to intense antitrust scrutiny.
As part of the deal, Discovery Global, operator of CNN and several major US networks, will be separated from Warner Bros. HBO, Warner Bros Pictures and the vast DC, Harry Potter and Looney Tunes catalogues will move under Netflix’s control.
Greg Peters, Netflix’s co-chief executive, said the acquisition marked a landmark moment for the industry.
“Warner Bros has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities,” he said. “With our global reach and proven business model, we can introduce a broader audience to the worlds they create, give our members more options, and strengthen the entire entertainment industry.”
The deal concludes a fierce US bidding war, with Comcast, owner of Sky, and Paramount’s Skydance also vying for the House of Harry Potter, Batman and HBO.
It also reflects a deeper anxiety running through the global media sector, as streaming economics shift, cinema attendance remains inconsistent, and AI technologies reshape production, writing and acting. Consolidation is seen as a lifeline for legacy studios struggling to match the scale of digital-first platforms.
Comcast is simultaneously reported to be in advanced discussions to acquire ITV’s broadcasting arm for around £2 billion, in another sign of accelerating consolidation. The deal would place ITV1, ITV2 and streaming service ITVX under the umbrella of the US media giant that owns NBCUniversal. ITV Studios, the more profitable production arm behind Love Island and major international dramas, is not included in the talks.
Netflix’s takeover of Warner Bros, a studio founded in 1923, marks a symbolic passing of the torch from Hollywood’s old guard to Silicon Valley’s new titans. And if regulators approve the merger, the biggest streaming platform on the planet will soon hold one of the deepest and most valuable catalogues ever assembled.
