India, Dec. 8 -- Netflix and Warner Bros. Discovery (WBD) have confirmed that they have reached a final agreement under which Netflix will acquire Warner Bros. in a cash-and-stock transaction valued at USD 27.75 per WBD share.

The deal covers WBD's film and television studios, HBO, and the HBO Max streaming service. It assigns the company an enterprise value of approximately USD 82.7 billion and an equity value of around USD 72 billion.

The parties expect the transaction to close in the third quarter of 2026, following the previously announced separation of WBD's Global Networks division, Discovery Global, into an independent, publicly traded company.

The combination brings together Warner Bros.' century-long heritage in film and telev...