Netflix buys Warner Bros., including HBO and HBO Max

Today Netflix has announced that it's buying Warner Bros. (WB) for $72 billion. This includes HBO and HBO Max, but it will take a rather long time because WB's parent company Warner Bros. Discovery (WBD) first has to separate its Global Networks division into a new publicly-traded company called Discovery Global.

This is now expected to be completed in the third quarter of 2026, after which Netflix will acquire what's left - namely the current Streaming & Studios division of WBD.

As the name implies, this includes WB studios as well as HBO and the HBO Max streaming service. Netflix says it "expects to maintain WB's current operations and build on its strengths, including theatrical releases for films", but it also says that it will add "the deep film and TV libraries" of WB as well as "HBO and HBO Max programming" for its members.

So it sounds like WB studios will continue to exist independently, but it's unclear if HBO Max will just be absorbed into Netflix or not. Either way, we have plenty of time to find out - Netflix expects this transaction to be finalized in 12-18 months. Netflix isn't buying CNN, Discovery and all its channels, or TNT Sports - these will all be part of Discovery Global.

Source