Will Netflix successfully complete its $72B acquisition of Warner Bros. Discovery’s film and streaming businesses by Q3 2026?

Netflix has agreed to acquire Warner Bros. Discovery’s film studio and streaming operations — including HBO — for $72 billion, bringing major franchises like Harry Potter, Game of Thrones, and the DC Universe under its control. The boards of both companies have approved the deal, but it still faces significant U.S. antitrust scrutiny. Key points: Netflix would take over Warner Bros.’ film studio, HBO Max, and other streaming assets. Closing depends on WBD’s planned Discovery Global spinoff, expected in Q3 2026. Netflix projects $2–3 billion in savings from eliminating duplicate support and tech operations. Warner Bros. will continue theatrical releases; Netflix will keep its originals exclusive. Regulators are likely to examine the merger closely due to its size and industry impact. Paramount has already accused Warner Bros. of favoring Netflix in the bidding process, adding to scrutiny.