Warner Bros. Discovery, Inc. (WBD): $26.08
Market Cap: $64.62B
Deal Size: $82.7B
Netflix, Inc. (NFLX) entered a merger agreement on December 5, 2025, to acquire Warner Bros. Discovery for $82.7 billion, a deal that would give the streaming pioneer control of one of Hollywood’s oldest and most prized assets.
The deal marks a big change for Netflix. The company completely changed how people watch movies and TV, and for years been laser focused on generating its own content to supplement licensed content that was getting more expensive to license.