By Felix Richter
Netflix has upended the global entertainment landscape with a blockbuster announcement on Friday that it has agreed to acquire Warner Bros., including its iconic film and television studios as well as HBO and HBO Max, in a cash-and-stock deal valued at $72 billion. If approved, it would mark the first time a tech company seizes control of one of Hollywood’s historic “Big Five” studios—Universal, Paramount, Disney, Sony and Warner Bros.—a move many analysts say could redefine the future of film and television.
For years, tech giants such as Netflix, Apple and Amazon have pushed deeper into Hollywood, investing heavily in original content and challenging traditional theatrical release windows. But this deal represents an unprecedented leap: a global streaming platform taking ownership of a century-old studio synonymous with blockbuster filmmaking.
Supporters of the acquisition argue that Hollywood studios have changed ownership before and that the move reflects an intensified wave of vertical integration across the media industry. Critics, however, warn that Netflix’s dominance poses an existential threat to the film ecosystem—fearing the deal could trigger a cascade of consolidation that irreversibly alters Hollywood’s creative and economic balance.
If regulators approve the transaction, Netflix stands to gain one of the industry’s richest content vaults, including Warner Bros.’ expansive TV and film studios; HBO’s prestigious programming legacy; and a massive catalogue of world-renowned franchises worth billions in global intellectual property value. These assets would supercharge Netflix’s already formidable streaming footprint.
Left out of the acquisition is Warner Bros. Discovery’s Global Networks division—which includes CNN, TNT, Discovery Channel and several other traditional TV networks. Those outlets, along with digital platforms such as Bleacher Report and Discovery+, will form a newly separated publicly traded company, in a spin-off expected in the third quarter of 2026.
The deal now heads into what is expected to be rigorous antitrust review in multiple jurisdictions. With scrutiny likely to be intense, industry insiders estimate an approval window of 12 to 18 months. Until then, Netflix and Warner Bros. will continue to operate as independent entities.
If the merger eventually closes, analysts say it may be remembered as the moment the tectonic plates beneath Hollywood finally shifted.
Source, Including Infographic: https://www.statista.com
