Netflix has announced a $72 billion deal to buy Warner Bros.’ studio and streaming assets, marking one of the largest entertainment mergers in history and signaling major changes ahead for the film and TV industry. The streaming giant made the announcement Friday morning after winning a competitive bidding process with a $27.75-per-share offer to Warner Bros. Discovery, the parent company of Warner Bros. studios and HBO Max.
The deal will allow Netflix to take over a massive content library that includes classics like Casablanca and Citizen Kane, along with modern hits such as Harry Potter, The Big Bang Theory, and Friends. It also includes the entire HBO catalog and popular franchises in the DC Universe. Netflix CEO Ted Sarandos said the merger will combine “culture-defining titles” from both companies and help shape “the next century of storytelling.”
The acquisition is expected to close sometime between the third quarter of 2026 and early 2027, pending regulatory approval. Both companies say they are confident the deal will be approved, although it is likely to face antitrust scrutiny due to concerns about market share.
Netflix just bought warner brothers. A once dvd slinger just bought a 100 year old production company. Hbomax is gonna be gone now. This monopoly conglomerate is getting pretty chunky. pic.twitter.com/pLvOzKaXQp
— Omni (@Omnipaints) December 5, 2025
While the deal marks a major win for Netflix, it also raises questions for other parts of Warner Bros. Discovery, especially CNN. The news network will not be included in the sale. Instead, it will move to a new company, Discovery Global, along with TNT Sports, Discovery+, and Bleacher Report. Warner Bros. Discovery had already planned to spin off these cable and digital properties, which have reportedly been weighing down the company’s stock performance.
This $NFLX deal is great for Paramount $PSKY.
– Paramount can now focus on making their own movies, that won’t be woke DEI crap. Everything Netflix does is far-left wing.
– CNN was not included in the deal. Ellisons can now buy CNN for pennies, and switch it back to real news.… pic.twitter.com/3FPUuAGOMx— WilliamNextLvl (@WilliamNextLev1) December 5, 2025
CNN’s future now appears uncertain, especially after facing continued declines in TV ratings and ad revenue. The channel’s main rival, MS NOW — the rebranded version of MSNBC — was also spun off into its own new company earlier this year by Comcast. These shifts reflect the challenges traditional cable news channels are facing as more viewers turn to streaming and digital platforms for news and entertainment.
The bidding process also included a major offer from Paramount, which had shown interest not only in Warner Bros. but also in CNN. Paramount is now controlled by David Ellison, the 42-year-old son of Oracle founder Larry Ellison. After his company Skydance bought Paramount and CBS News, Ellison had reportedly explored the idea of acquiring CNN as well.
Final details of the Netflix-WBD deal:
• Netflix will get all WB TV, film studios and streaming assets
• CNN, TNT and Discovery will not be included (will become seperate company)
• Netflix will keep current WB operations and theatrical releases
• Netflix expects $2-3B in… pic.twitter.com/PSfzncLTJQ— DCU Brief (@DCUBrief) December 5, 2025
According to reports in The Guardian, Larry Ellison allegedly told White House officials that, if his son succeeded in acquiring Warner Bros. Discovery, he would support removing several top CNN anchors, including Brianna Keilar and Erin Burnett. There were even rumors of shifting CBS’s flagship news show 60 Minutes to CNN in a bid to rebrand the struggling network. Those changes will not happen now, as Netflix’s purchase does not include CNN or other cable news properties.
Back in 2010, then-Time Warner CEO Jeff Bewkes dismissed Netflix as a passing trend, famously comparing its future in the entertainment world to “the Albanian army taking over the world.” Now, just over 15 years later, Netflix has grown into the dominant force in global streaming, with more than 301 million subscribers — over 100 million more than its closest competitor, Amazon Prime Video.
With the Warner Bros. acquisition, Netflix is set to expand its reach even further. The company is expected to consolidate its position as a global leader in content creation and distribution, while also strengthening its subscriber base with access to fan-favorite franchises and premium film and TV brands.
As for CNN and the newly formed Discovery Global, the outlook remains unclear. Leadership from Warner Bros. Discovery has said the spinoff will help CNN focus more closely on news and digital growth, though some insiders remain skeptical about how the changes will play out.
For now, the entertainment world will be watching closely as Netflix prepares to absorb one of Hollywood’s oldest and most iconic studios.
