Netflix has officially announced a transformative agreement to acquire Warner Bros., including its film and television studios, as well as HBO Max and HBO. The deal carries an enterprise value of approximately $82.7 billion, with an equity value of about $72 billion, the companies said. This landmark transaction merges Netflix’s global streaming leadership with Warner Bros. Discovery’s storied film and TV library and the premium HBO and HBO Max brands, expanding Netflix’s content slate and production capabilities. By integrating Warner Bros. film franchises, television catalogs, and HBO’s acclaimed programming, Netflix aims to strengthen its competitive edge in the evolving streaming landscape. The announcement signals a major shift in the entertainment and media industry, highlighting ongoing consolidation of content and distribution assets among leading players.