Netflix has acquired movie company Warner Bros including its film and television studios, HBO Max and HBO in a deal with a total enterprise value of approximately US$82.7 billion.

In a press release Friday, Netlfix said franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction.

“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favourites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”

“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery.

The company says this also allows Netflix to optimise its plans for consumers, enhancing viewing options and expanding access to content.

It also cited what it hopes will be a stronger entertainment industry,

more opportunities for the creative community and more value for shareholders.

The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.