Shortly after rumors of a deal between the two media giants broke, Netflix has announced it is buying Warner Bros., HBO and HBO Max for approximately $82.7 billion. If approved, the deal will take place after Warner Bros. has disentangled itself from both its legacy cable and Discovery assets as part of the already-announced de-merger. That’s likely to take place in the third quarter of 2026, with this new tie-up taking place at some point after that.

In a statement, Netflix said it expects to “maintain” Warner Bros. current operations, as well as its policy of theatrical releases for its films. But the deal may spell the end for HBO Max as its own product in the longer term, as the statement also says “by adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose.”

Naturally, the deal will see Netflix become one of the biggest players in global media, combining its global reach with some of the most recognizable names in entertainment. That includes HBO, DC Studios, Cartoon Network, its game development studios and TCM, as well as the chunks of TNT not cast adrift with Discovery.

It’s likely the deal will not go ahead without a lot of objections from other buyers, as well as the government itself. Yesterday, Paramount Skydance said (via the Hollywood Reporter) any deal between WB and Netflix would be the result of an “unfair” process. Given the close ties between Paramount’s new owners and the administration, it’s likely any deal will be subject to scrutiny as well as the usual questions around the size of the combined operation.

Since the announcement was made, Engadget senior reporter Devindra Hardawar has spoken with Hollywood players and collated studies and statements to answer any burning questions you might have on what this deal means for you. He also answers questions about the likelihood of regulatory approval, theatrical releases and physical media. Catch up on all that in his piece titled “The Netflix and Warner Bros. deal might be great for shareholders, but not for anyone else.”

Update, December 5 2025, 1:45PM ET: This story has been updated to add a paragraph and link to a new article we’ve published that contains deeper analysis and more information about the Netflix/Warner Bros. deal and what that might mean for streaming, movies, TV and shareholders.