Game of Thrones on Netflix? Yes, it’s happening, what the $82.7 billion Warner Bros. deal means for you
Netflix has signed a historic deal to acquire Warner Bros. Discovery for $82.7 billion. This merger will change the streaming landscape with iconic franchises joining Netflix.
Christmas came early for Netflix users. If you’ve ever wondered why classics like Game of Thrones or Harry Potter never made their way onto the world’s biggest streaming platform, you won’t have to wonder much longer. Netflix recently made a surprise $82.7 billion deal to acquire Warner Bros. Discovery (WBD), which means Westeros, Hogwarts, and Gotham City are all coming to Netflix.
The announcement came Friday, confirming that Netflix and WBD have reached a “definitive agreement” for the sale, which has been unanimously approved by both companies’ boards. The deal includes HBO, HBO Max, Warner Bros. Film and TV Studios and DC Entertainment, making it one of the biggest shakeups in the modern history of the entertainment industry.
According to Netflix’s SEC filings, the total equity value of the sale sits at $72 billion, with the enterprise value taking into account WBD’s debt at $82.7 billion. Netflix priced shares of Warner Bros. Discovery at $27.75 a share, high enough to beat out competing bids from Paramount Skydance and Comcast’s NBC Universal, which had proposed a merger earlier this year.
A new chapter for Netflix and Warner Bros.
Netflix co-CEO Ted Sarandos called the merger a historic moment for global entertainment, saying, “Our mission has always been to entertain the world. Together, we can give audiences more of what they love and help define the next century of storytelling.”
His co-CEO Greg Peters said the acquisition would “improve our offering and accelerate our business for decades to come.” Meanwhile, WBD CEO David Zaslav celebrated the deal as a creative union of giants, saying, “Today’s announcement connects two of the world’s greatest storytelling companies to bring even more people the entertainment they love to watch most.”
Before the merger can become official, Netflix and WBD must obtain approval from the U.S. Securities and Exchange Commission (SEC). The deal is expected to close after WBD’s global networks arm Discovery Global is spun off as a separate publicly traded company in the third quarter of 2026.
The deal marks the end of a turbulent chapter for Warner Bros. Discovery, which had faced mounting debt and intense competition in the streaming sector. For Netflix, it’s a bold power play that solidifies its dominance as the go-to hub for nearly every major franchise under one roof.
What does it mean to you
So, what changed for the audience? In short, a lot. Once the deal is finalized, Netflix users can expect access to a huge catalog of Warner Bros. classics and contemporary hits. This means everything from HBO originals (Game of Thrones, The Last of Us, Succession) to blockbuster universes like Harry Potter, The Dark Knight and DC Comics collections can be streamed along with Stranger Things and Bridgerton.
Netflix has confirmed that it plans to “retain Warner Bros.” current operations and build on its strengths, including theatrical releases for films.” This suggests that the studio’s traditional big-screen model will not disappear, but audiences may see a rapid shift from cinema to streaming.
The company also hinted at a bundled or merged content library, describing HBO and HBO Max titles as “compelling, complementary offerings” for Netflix subscribers. In practical terms, this could mean integrated plans or expanded subscription tiers that provide access to both Netflix Originals and the newly acquired HBO library.
For film and TV fans, the merger could mean the richest content selection in streaming history, and possibly fewer reasons to subscribe elsewhere. “By adding the deep film and TV libraries of HBO and HBO Max, Netflix members will have even more high-quality titles to choose from,” the company said in a press statement.
Beyond the sheer volume, Netflix believes the deal will boost its production capacity, giving the streamer more flexibility to create new original content while managing Warner Bros.’ Existing franchisees.
In the long run, this acquisition isn’t just about nostalgia or libraries, it’s about power. With HBO’s prestige story, Warner Bros.’ Because of the cinematic legacy and global reach of Netflix, the entertainment landscape will never look the same again.
So yes, it’s official: Game of Thrones and Harry Potter are headed to Netflix.