Netflix Enters Agreement To Acquire Warner Bros. Discovery, Including Developers Behind Hogwarts Legacy & Mortal Kombat
Streaming giant Netflix has agreed on a deal to purchase Warner Bros. Discovery, which includes not only its streaming business but a number of major video game creators.
According to a press release, the transaction is expected to close following the separation of Warner Bros. Discovery’s Global Networks division, Discovery Global, into a new publicly-traded company, which is anticipated to go ahead in Q3 2026. The deal itself is worth $82.7 billion.
Warner Bros. Discovery has its own video game arm of course, which includes a number of major franchises and developers such as Hogwarts Legacy from Avalanche, Mortal Kombat from NetherRealm Studios, and Rocksteady’s Batman: Arkahm franchise.
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Ted Sarandos and Greg Peters, the co-CEOs of Netflix, both issued a statement today on the deal:
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 favorites 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.
This acquisition will improve our offering and accelerate our business for decades to come. Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.
Warner Bros. Discovery revealed a few months back that it was considering putting itself up for sale as part of a strategic review, prompting Sony boss Hiroki Totoki to respond to speculation over the company’s interest in acquiring Warner, stating “we have no desire for big M&A deals in the U.S. film industry right now.”
[Source – Netflix]
