Netflix’s $72bn Power Play Sets Up a Streaming Shockwave

Netflix is making its boldest move yet, agreeing to buy the film and streaming businesses of Warner Bros Discovery in a deal valued at $72 billion, after outbidding rivals Comcast and Paramount Skydance. 

Including debt, the enterprise value rises to roughly $82.7 billion, with Warner Bros shareholders set to receive $27.75 per share in a mix of cash and stock. The acquisition hands Netflix control of some of the most lucrative franchises in global entertainment, including Harry Potter, Game of Thrones, and the HBO Max platform.

Netflix shares have climbed more than 30% over the past year, while Warner Bros Discovery has struggled amid debt concerns and weak box office returns. The takeover accelerates a structural shift away from traditional cinema and cable, pulling even more power toward streaming.

Regulatory scrutiny now looks unavoidable. Analysts expect US competition authorities to examine the concentration risk closely, especially as the combined group would command enormous pricing power across both content and distribution. 

What Does This Mean for Me?

Those pressures are likely to filter through to consumers. With Netflix already lifting prices by as much as 15% in several major markets over the past year, the expanded content library could justify further hikes, even as HBO Max is folded into a broader ecosystem.

For Hollywood, the implications are stark. A streamer absorbing one of the industry’s oldest studios could reshape how films are financed, released, and monetized. Output cuts, job losses, and union resistance are all on the table, while cinema operators brace for a further erosion of theatrical exclusivity.