Netflix has reached an agreement to acquire Warner Bros, including its film and television studios, as well as streaming services such as HBO Max and HBO.

The deal values the combined entity at approximately $82.7 billion, with an equity value of around $72 billion, and is expected to close within 12-18 months.

In June, Warner Bros announced plans to split its Streaming and Studios and Global Networks divisions into two separate publicly traded companies. This separation is slated for completion in Q3 2026, ahead of the acquisition’s closing.

Netflix says the acquisition will merge Warner Bros’ extensive film and television library with its global streaming reach, creating opportunities for more diverse content offerings and faster international growth.

“This acquisition will improve our offering and accelerate our business for decades to come,” said Greg Peters, co-CEO of Netflix. 

“Warner Bros has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities.” 

The move follows Netflix’s recent strategic shift in gaming, marked by the October closure of the studio behind its mobile game Squid Game: Unleashed.

However, the deal has already sparked antitrust concerns. Reuters reports that some members of the US Congress have described the proposed acquisition as a potential “nightmare” for consumers and creatives.

“It would mean more price hikes, ads, and cookie-cutter content, less creative control for artists, and lower pay for workers,” US representative Pramila Jayapal, co-chair of the House Monopoly Busters Caucus, said on X.

Senator Amy Klobuchar, a Democrat from Minnesota, added that the “proposed deal, and any other, should be closely scrutinized”.

US President Donald Trump also weighed in, stating he would have a say on whether the merger should proceed, noting that the market share of a combined Netflix and Warner Bros could raise concerns about the concentration of power in the entertainment industry.