Washington: Netflix emerged victorious in a fiercely competitive bidding war that saw heavyweight rivals Paramount–Skydance and Comcast vying for WBD’s vast catalogue of intellectual property and global networks. The acquisition, announced in a cash-and-stock transaction valued at $27.75 per WBD share, is expected to close following the separation of WBD’s Global Networks division into a new publicly traded company by Q3 2026.

Under the agreement, each WBD shareholder will receive $23.25 in cash and $4.50 in Netflix stock per share, valuing the company at approximately $72 billion in equity and $82.7 billion in enterprise value. The purchase cements Netflix’s evolution from a DVD-by-mail service to a dominant entertainment powerhouse with unmatched global reach.

The merger brings together two legacies, Netflix’s era-defining streaming technology and Warner Bros’ century-long catalogue of beloved franchises. Audiences worldwide will soon see classics like The Wizard of Oz, Casablanca, Citizen Kane, and fan-favourites such as Harry Potter, Friends, and The Big Bang Theory join Netflix’s already powerful lineup that includes Stranger Things, Money Heist, Bridgerton, and Squid Game.

“Our mission has always been to entertain the world,” said Ted Sarandos, Netflix co-CEO. “By combining Warner Bros.’ incredible library, from timeless classics to modern favourites, with our culture-defining titles, we can give audiences more of what they love and help define the next century of storytelling.”

The acquisition follows months of high-stakes negotiations. Warner Bros Discovery had asked potential buyers, including Paramount, Comcast, and Netflix, to revise their offers after earlier bids fell short. Paramount’s ambition to acquire the entire company was dealt a blow after WBD rejected its roughly $60 billion proposal in October.