California/IBNS, Dec. 6 -- In one of the largest entertainment mergers in history, Netflix, Inc. and Warner Bros. Discovery, Inc. (WBD) on Friday announced a definitive agreement under which Netflix will acquire Warner Bros., including its iconic film and television studios as well as HBO and HBO Max.

The deal is expected to close after the planned separation of WBD's Global Networks division, Discovery Global, into a new publicly traded company in Q3 2026.

The acquisition brings together two of the entertainment industry's most influential powerhouses-Netflix's global streaming dominance and Warner Bros.' century-long legacy of film and television storytelling.

If approved, the merger will unite an expansive roster of celebrated franc...