SAN FRANCISCO / BURBANK – In a seismic shift poised to redefine the global entertainment industry, Netflix has struck an audacious deal to acquire film and television giant Warner Bros. Discovery (WBD) for a staggering $72 billion. The agreement, reported by the Wall Street Journal and others on Friday, unites the world’s leading streaming service with one of Hollywood’s most storied and powerful studios, signaling an unprecedented era of vertical integration in content creation and distribution.

The boards of both Netflix and WBD have reportedly given their unanimous approval to the transaction, which now awaits the critical stages of regulatory review and WBD shareholder consent. This strategic mega-merger provides Netflix with immediate and exclusive access to Warner Bros.’ extensive catalog, including cornerstone franchises such as 'The Wizard of Oz,' the globally beloved Harry Potter series, and the entirety of the DC Comics Universe.

Industry analysts view the acquisition as a clear move by Netflix to fortify its content pipeline against intense competition from rivals like Disney and Amazon. By taking control of Warner Bros.’ production capabilities, Netflix shifts from a primary licensing partner to a fully integrated content titan.

Crucially, the deal will be preceded by the spin-off of WBD's cable news and entertainment assets. Divisions like CNN and TNT are slated to be separated into an independent company, focusing the Netflix acquisition exclusively on the core studio and film IP assets.

The companies anticipate completing the complex corporate separation by the third quarter of next year, with the full acquisition expected to close within 12 to 18 months. Should the deal successfully navigate regulatory hurdles, the combined entity will possess unparalleled power in controlling both the creation and global delivery of premium entertainment, fundamentally altering the competitive dynamics of the streaming wars.