What might change for streamers under the proposed US$72 billion Netflix-Warner Brothers Discovery deal

The Warner Bros. water tower is seen at Warner Bros. Studios in Burbank, Calif., Friday, Dec. 5, 2025. (AP Photo/Jae C. Hong)

NEW YORK— Two of the most popular streaming services have agreed to combine, in a move that could change the streaming service landscape.

Netflix said Friday it will acquire the studio and streaming business of Warner Bros. Discovery, the legacy Hollywood giant behind “Harry Potter” and “Friends,” for US$72 billion.

The transaction is expected to close in the next 12 to 18 months — after Warner completes its previously-announced separation of its cable operations. Not included in the deal are networks like CNN and Discovery.

Warner Bros. Discovery said in October it was open to selling all or parts of its business.

Here’s a look at what the two streaming services offer and what might change if the deal completes regulatory hurdles and closes.

Netflix

Netflix, based in Los Gatos, California, is the world’s biggest streaming service, although its growth has slowed from peak years. It stopped giving specific subscriber numbers in 2024, but quarterly results in October signaled its worldwide subscriber count has increased from the roughly 302 million it had at the end of 2024.

Although it is best known for its scripted TV shows and movies such as “Stranger Things,” “Squid Game,” “Bridgerton,” and “KPop Demon Hunters,” Netflix has been expanding into other arenas. It started offering a low-priced option of its service with advertising three years ago and has introduced video games and live sports, too.

In a statement on Friday Netflix said the acquisition will add shows and movies including “The Big Bang Theory,” “The Sopranos,” “Game of Thrones,” “The Wizard of Oz” and the DC Universe comic book franchise to its library.

Warner Bros. Discovery

Warner Bros. Discovery, based in New York, was formed just three years ago after when AT&T spun off WarnerMedia and it was merged with Discovery Communications in a US$43 billion deal.

In June, the company outlined plans to split its cable and streaming offerings — with HBO, HBO Max, as well as Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, to become part of a new streaming and studios company; while networks like CNN, Discovery and TNT Sports and digital products such as the Discovery+ streaming service and Bleacher Report would make up a separate cable counterpart.

Warner expected the split to be complete by mid-2026, and the Netflix acquisition is expected to close after that.

The deal would add classic movies to the Netflix library, including “Casablanca,” “Citizen Kane,” and the Harry Potter franchise.

The Associated Press