Warner Bros. Studios in Burbank, California, US on Wednesday, November 26, 2025. Warner Bros.
Jill Connelly | Bloomberg | getty images
Netflix announced on Friday that it had reached a deal to buy warner bros discovery, This brought a quick end to the dramatic bidding process Paramount Skydance And Comcast Competition for heritage properties also.
The deal involves cash and stock and is valued at $27.75 per WBD share, the companies said. This brings the total enterprise value of the transaction to approximately $82.7 billion.
The deal is for WBD’s film studio and streaming service, HBO Max. Warner Bros. Discovery will still carry its own TV networks, including TNT and CNN, as previously planned.
The acquisition is expected to close following the separation, now expected to occur in the third quarter of 2026.
Netflix shares were down about 3% in premarket trading Friday. Shares of newly merged Paramount Skydance were down about 2%, while WBD shares were down about 1% and Comcast shares were flat.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant will become the new parent company of CNBC following the planned spinoff of Versant by Comcast.
This is breaking news. Please refresh for updates.
