Netflix has announced a new deal to acquire Warner Bros. for a whopping $72 billion, with an expected completion set for sometime in Q3 of 2026.

While the new deal has already raised endless concerns from actors, directors, and game developers alike – the very real offer will see Netflix acquire Warner Bros. for $27.75 a share for an approximate enterprise value of $82.7 billion, with an equity value of $72 billion.

The new acquisition would see all of Warner Bros. divisions from franchises, shows, movies, and games under Netflix, including franchises like The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe all joining Netflix’s portfolio. This includes Warner Bros. Games and all its subsidiaries ranging from Mortal Kombat studio NetherRealm Studios, Rocksteady Studios, and more.

Here’s comments from key folks involved:

Ted Sarandos, co-CEO of Netflix

“Our mission has always been to entertain the world. By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablancaand Citizen Kaneto 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.”

Greg Peters, co-CEO of Netflix

“This acquisition will improve our offering and accelerate our business for decades to come. Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”

David Zaslav, President and CEO of Warner Bros. Discovery

“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most. For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”