Netflix announced Friday that it has reached an agreement to acquire key assets of Warner Bros. Discovery, concluding a fast-moving bidding contest that also drew interest from Paramount–Skydance and Comcast.

The cash-and-stock deal values WBD at $27.75 per share, giving the transaction an equity value of $72 billion and a total enterprise value of about $82.7 billion, the companies said.

Netflix will acquire Warner Bros.’ film studio along with its streaming service, HBO Max. Meanwhile, Warner Bros. Discovery will proceed with its planned spin-off of Discovery Global, which houses its extensive portfolio of pay-TV networks, including TNT and CNN.

The landmark deal unites streaming powerhouse Netflix, which has reshaped the media landscape, with the legendary Warner Bros. studio, home to classics like The Wizard of Oz, the Harry Potter franchise, and the DC Universe.

HBO Max content, including The Sopranos and Game of Thrones, will also be part of the acquisition.

“I know some of you’re surprised that we’re making this acquisition, and I certainly understand why. Over the years, we have been known to be builders, not buyers,” Netflix Co-CEO Ted Sarandos said on an investor call Friday morning.

“We already have incredible shows and movies and a great business model, and it’s working for talent, it’s working for consumers and it’s working for shareholders. This is a rare opportunity. It’s going to help us achieve our mission to entertain the world and to bring people together through great stories.”

The acquisition is expected to finalize following the spin-off of the TV networks, now projected for Q3 2026. The companies anticipate the transaction will close within 12 to 18 months.