Netflix wins Warner Bros Discovery studio and streaming assets in 82.7 billion dollar deal
Netflix secured unanimous board approval for an 82.7 billion dollar all-cash offer to buy Warner Bros Discovery streaming and studio assets. The deal ends a competitive process.
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Netflix Inc. secured unanimous board approval on January 20, 2026, for an amended all-cash offer to acquire the studio and streaming businesses of Warner Bros. Discovery Inc. . The transaction, valued at $82.7 billion or $27.75 per share, concludes a months-long competitive process in the US 
US. Notably, the board approval was granted without Netflix Inc.increasing its bid price from the initial agreement reached in December 2025, which was previously valued at $72 billion based on the same share price.
US. Notably, the board approval was granted without Netflix Inc.increasing its bid price from the initial agreement reached in December 2025, which was previously valued at $72 billion based on the same share price.The decision follows the rejection of a hostile bid from Paramount Skydance, an affiliate of Paramount Global . In December 2025, Paramount Skydance offered $108.4 billion, equivalent to $30 per share. To strengthen its position, Paramount Skydance amended its offer to include a $40.4 billion personal guarantee from larry ellison, the co-founder of Oracle Corporation . However, the board of Warner Bros. Discovery Inc.rejected the hostile offer in January 2026 due to inadequate financing assurances and moved forward with the Netflix Inc.proposal. Comcast Corporation also submitted a preliminary bid during the process in November 2025 but was not selected for the final rounds.
