Netflix has won a bidding war for Warner Bros Discovery, beating rivals Comcast and Paramount Skydance. It is acquiring both the company's film and streaming businesses for $72 billion, the BBC reports.
Warner Bros. owns franchises such as "Harry Potter" and "Game of Thrones," as well as the HBO Max streaming service.
The acquisition is expected to radically reshape the American film and media industry, but analysts warn that antitrust authorities must still approve the final deal.
Netflix said in a press release that "beloved franchises, series and films such as 'The Big Bang Theory,' 'The Sopranos,' 'Game of Thrones,' 'The Wizard of Oz' and DC Universe will join Netflix's broad portfolio."
The deal is expected to close after the spin-off of WBD Discovery Global into a new public company, which is reportedly set to close in the third quarter of 2026.
Netflix co-founder Ted Sarandos said the streaming service is "very confident" it will obtain the necessary regulatory approvals and is "moving forward."
Asked whether HBO should remain a standalone streaming service, Netflix co-founder Greg Peters said the HBO brand is essential to consumers. However, he added, "We think it's too early to talk about how we're going to tailor this offering to them."
