New York – Netflix has agreed to acquire Warner Bros’ studio and streaming operations for $72 billion, in a transaction that could transform the global entertainment landscape and draw scrutiny from regulators. Though the deal is U.S.-based, it has implications for viewers in Eswatini and the region as streaming platforms expand their reach.
The deal, announced on Friday in New York, covers Warner’s film and television studios, HBO Max and HBO. Warner Bros. Discovery’s cable networks, including CNN, Discovery and TNT Sports, are excluded and will form a separate publicly traded entity, Discovery Global, after a planned separation in 2026.
The cash-and-stock deal values Warner at an enterprise of $82.7 billion, with shareholders receiving $27.75 per share, including $23.25 in cash and $4.50 in Netflix stock. Both companies’ boards approved the acquisition, which is expected to close in 12 to 18 months, subject to regulatory approval.
Netflix co-CEO Ted Sarandos said the merger will expand its catalogue with Warner’s library of classics and modern hits such as The Wizard of Oz, Casablanca, Harry Potter and Friends. He added that the combined offerings will give audiences more options while strengthening Netflix’s dominance in streaming.
Co-CEO Greg Peters said Warner’s century-long entertainment legacy and production capacity will allow Netflix to grow its global presence and attract larger audiences. Warner CEO David Zaslav said the partnership will preserve the studio’s legacy while delivering content to global audiences for years to come.
The merger will unite Netflix and HBO Max under one company, creating one of the world’s largest streaming platforms. Analysts warn that consolidation may reduce competition and limit content diversity in the long term.
Cinema United, representing more than 56,000 cinema screens globally, opposed the merger, arguing that Netflix’s model does not support theatrical releases. CEO Michael O’Leary urged regulators to evaluate potential impacts on cinemas and jobs. Netflix has previously released select titles in theatres, including KPop Demon Hunters, which unofficially topped the box office in August with nearly $20 million in revenue.
The final step before closing the acquisition is Warner’s planned separation of its cable networks. Discovery Global will include CNN, Discovery, TNT Sports and Discovery+, with a public listing expected in Q3 2026.
After the announcement, Warner shares rose nearly 2%, Netflix shares fell about 2%, and Paramount, a previous competitor in the bidding war, dropped nearly 6%.
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