Warner Bros. Studios in Burbank, California, US, on Wednesday, Nov. 26, 2025. Warner Bros.
Jill Connelly | Bloomberg | Getty Images
Netflix announced Friday it’s reached a deal to buy Warner Bros. Discovery, bringing a swift end to a dramatic bidding process that saw Paramount Skydance and Comcast also vying for the legacy assets.
The deal is comprised of cash and stock and is valued at $27.75 per WBD share, the companies said. That puts the total enterprise value of the transaction at approximately $82.7 billion.
The deal is for WBD’s film studio and streaming service, HBO Max. Warner Bros. Discovery will still spin out its TV networks, which includes TNT and CNN, as previously planned.
The acquisition is expected to close after that separation takes place, now expected in the third quarter of 2026.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.
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