Netflix agrees to buy Warner Bros, including its game studios, for nearly $83 billion-with-a-B, but the fight may not be over yet

Less than two months after it went on the auction block, massive media company Warner Bros Discovery has found a buyer, and it is massive media company Netflix. The streaming giant has agreed to pay $82.7 billion for Warner in a deal the companies say will provide "more choice and greater value for consumers," and "a stronger entertainment industry" for America.

Well, sure: That sounds a lot better than "media consolidation is going to make a few of us even richer and a lot of you even poorer," after all. But that is what we're looking at here. Once closed, the deal will give Netflix, a massive, multi-billion-dollar streaming and production company, control of just about everything in the Warner stable, including its film, television, and game studios, HBO and HBO Max and all their properties, and the whole of the DC Universe.

The only thing not included in the deal is WBD's Global Networks division, which Warner said in June is being spun off into a separate massive media company. That process is now expected to be completed in Q3 2026, after which the Netflix buyout will close.

"Our mission has always been to entertain the world," Netflix co-CEO Ted Sarandos said. "By combining Warner Bros' incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we'll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling."

As long as those audiences are willing to subscribe to Netflix, I suppose. The company said it "expects to maintain Warner Bros' current operations and build on its strengths, including theatrical releases for films," which is no kind of commitment at all and doubly dubious for a company whose entire business is based on keeping people out of theaters. It does sound oddly familiar, though.

The acquisition is subject to regulatory approval, and that part of the equation has the potential to get a little spicy. Paramount Skydance was also gunning for Warner, and its CEO David Ellison is the son of Larry Ellison, one of the richest people in the world and also a high-profile supporter of US president Donald Trump. As noted by Business Insider, David Ellison reportedly went to the White House this week to make the case for Paramount Skydance; should Trump intervene in the matter, it's possible the whole thing could end up on the rocks.

There's been no indication that the Trump regime will get involved at this point, but it doesn't seem like Paramount Skydance is going to go away quietly. A CNBC report says the company has already claimed the sale process was rigged, and is now considering a hostile takeover.