Netflix’s acquisition of Warner Bros. Discovery's TV, film studios and streaming division for USD 72 billion, which was announced on Friday, December 6, marks the streaming platform’s largest acquisition ever. It also represents a major turning point for Netflix, which reinvented the Hollywood playbook and transformed the way audiences consume movies and TV shows. The deal comes after weeks of bidding, with Netflix offering nearly USD 28 per share, beating Paramount–Skydance, which had made several offers to buy all of Warner Bros. Discovery, including its cable TV assets. As per reports, the deal is expected to close 12–18 months after Warner Bros.
Discovery completes the previously planned spinoff of its Global Networks division (Discovery Global)—including CNN, TNT, Discovery, etc.—now targeted for Q3 2026. All that will be part of the deal includes Warner Bros.’ film and television studios, HBO / HBO Max and related streaming assets, and the vast film and TV library and major franchises owned by Warner Bros. / HBO.
As per an official statement, Netflix plans to leverage its global streaming platform alongside Warner Bros.’ extensive content library and production strength, offering subscribers a richer catalogue of films and shows. Having built hits like Stranger Things, Bridgerton and KPop Demon Hunters, Netflix will now gain access to Warner Bros.’ century-old collection, including iconic franchises such as Game of Thrones, Harry Potter and DC superheroes like Batman and Superman. The company also confirmed it will keep Warner Bros.’ current operations intact, including theatrical film releases, rather than shifting entirely to streaming.
Similar to the Netflix–Warner Bros. deal, the global entertainment industry has seen a number of mergers and acquisitions in the past due to several reasons. A major one is the need to stand out in the ever-competitive and ever-growing industry, with new streaming platforms joining the likes of the giants—Netflix, Amazon Prime, Jio Hotstar, Apple TV, etc.
Here’s a look at some of the other biggest M&As in the entertainment industry (streaming and studios) in the recent past:
In August 2025, Disney announced it would fully integrate Hulu into Disney+. The two had been in talks for a few years. In 2026, Disney plans to launch a unified streaming app for Disney+ and Hulu. The deal was finalised after Disney bought out Comcast’s one-third stake in Hulu.
In February 2024, Reliance (alongside its subsidiary Viacom18) and Disney merged their Indian TV and streaming businesses to form a new joint venture valued at USD 8.5 billion, creating JioHotstar.
In July 2024, Paramount Global and Skydance Media announced a definitive agreement to merge, in a deal valued at USD 8.0 billion.
In March 2022, Amazon completed its acquisition of MGM Studios for approximately USD 8.45 billion. The acquisition brought MGM’s library of 4,000+ films and 17,000 TV-show episodes, including major franchises, under Amazon’s Prime Video / Amazon Studios umbrella.
In 2022, WarnerMedia (then owned by AT&T — American Telephone and Telegraph Company) merged with Discovery, forming the new entity Warner Bros. Discovery. As per reports, the combined company’s estimated value at the time ranged between USD 45–60 billion.
In 2019, CBS Corporation and Viacom, which had previously split, merged back together to form ViacomCBS, a major media conglomerate owning brands like Paramount Pictures, CBS, MTV and Nickelodeon. It was later renamed Paramount Global in 2022 to emphasise the strong Paramount brand and unify its streaming (Paramount+) and content efforts before eventually merging with Skydance Media in 2025.
In March 2019, The Walt Disney Company finalised its USD 71.3 billion acquisition of major 21st Century Fox entertainment assets, bringing iconic brands and a controlling stake in Hulu into Disney’s fold. The deal added valuable film and TV libraries and franchises (like X-Men, Avatar) to Disney’s empire to compete with Netflix, while spinning off Fox's news and sports divisions into a separate Fox Corporation.
First Published: Dec 08, 2025, 15:46
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