Netflix’s Mega Acquisition: HBO and Warner Bros. Now Under One Roof

Netflix has announced a massive $72 billion deal today: the company is acquiring Warner Bros. The purchase also includes HBO and HBO Max. However, the acquisition will not be completed immediately — Warner Bros. Discovery (WBD), the parent company of WB, must first separate its Global Networks division into a new publicly traded company called Discovery Global.

This separation is expected to be completed in the third quarter of 2026, after which Netflix will acquire the remaining part of WBD — namely the Streaming & Studios division.

Netflix Buys Warner Bros — HBO and HBO Max Included

The deal covers Warner Bros studios, HBO, and the HBO Max streaming platform. Netflix says it plans to maintain WB’s current operations, especially theatrical film releases, while also adding WB’s extensive film and TV library as well as HBO and HBO Max programming to its service.

This suggests that Warner Bros will continue to exist as a distinct brand. Whether HBO Max will remain as a standalone platform or be fully integrated into Netflix is still uncertain. There is plenty of time to find out, though — the acquisition is expected to be finalized within 12–18 months.

It is important to note that Netflix is not acquiring CNN, Discovery channels, or TNT Sports. These assets will remain under the new Discovery Global umbrella.