Netflix has agreed to buy Warner Bros Discovery (WBD) and its assets in a definitive agreement for $82.7 billion (£65.3 billion) deal. This marks the largest consolidation event in the history of the streaming era.
The transaction, announced on 5 December 2025, will see Netflix absorb the Warner Bros film and television studios, along with HBO and HBO Max. When the agreement is finalised, it will effectively end the 'streaming wars', creating an undisputed market leader.
