Well, there it is. Warner Bros. has been searching for a buyer, as has been rumored for a while now. Today, Netflix announced that it has reached an agreement to acquire Warner Bros., which includes HBO Max, HBO, film and television assets, as well as their gaming studios, for the substantial price of $82.7 billion.

Netflix has been building its gaming library on its platform and recently added Rockstar’s Red Dead Redemption title to the streaming service. Rumors have been circulating about Warner Bros. looking to sell off studios and other services. One rumor in particular led many to believe Sony would become a potential buyer for the company. Although that rumor has now been debunked, there were other parties in discussion, with Netflix ultimately emerging as the largest player to win the acquisition.

Warner Bros. has been causing concern among fans with a series of studio closures, including Monolith Productions—the studio behind Middle-Earth: Shadow of Mordor and Shadow of War—and PlayerFirst Games, following the closure of MultiVersus and others. The cancellation of the Wonder Woman title, which would have seen the return of the Nemesis system for the first time since the Middle-Earth titles, was another blow. However, Warner Bros. has decided to shift its focus to four primary pillars within the company: Harry Potter, Mortal Kombat, DC, and Game of Thrones.

Netflix will now add these franchises to the studios it has been building over the years, including the standout team of developers at Night School, known for their games Oxenfree 1 & 2. What will now happen with the added Warner Bros studios has yet to be determined. We can only be hopeful that Netflix builds upon the acquired teams and leave them alone…but I wouldn’t hold me breath.

David Zaslav, President and CEO of Warner Bros. Discovery, said:
Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most. For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.

Ted Sarandos, co-CEO of Netflix, stated:
Our mission has always been to entertain the world. By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters, and Squid Game, we'll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.

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