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M&A Deal Summary

Netflix Acquires Warner Bros. Discovery

On December 5, 2025, Netflix acquired media company Warner Bros. Discovery for 82.7B USD

Acquisition Highlights
  • This is Netflix’s 3rd transaction in the Media sector.
  • This is Netflix’s largest (disclosed) transaction.
  • This is Netflix’s 6th transaction in the United States.
  • This is Netflix’s 1st transaction in New York.

M&A Deal Summary
Date 2025-12-05
Target Warner Bros. Discovery
Sector Media
Buyer(s) Netflix
Deal Type Add-on Acquisition
Deal Value 82.7B USD
Advisor(s) Allen & Company
J.P. Morgan Securities
Evercore Group (Financial)
Wachtell, Lipton, Rosen & Katz
Debevoise & Plimpton (Legal)

Target

Warner Bros. Discovery

New York, New York, United States
Discovery Communications' corporate headquarters in Silver Spring, Maryland.
Discovery Communications' corporate headquarters in Silver Spring, Maryland.
Warner Bros. Discovery is a media company that provides content across multiple distribution platforms, including pay-TV, free-to-air and broadcast television, websites, digital distribution arrangements and content licensing agreements. The Company's portfolio of networks includes television brands such as Discovery Channel, TLC, Animal Planet, Investigation Discovery, Science and Velocity (known as Turbo outside of the U.S.). Discovery also operates a diversified portfolio of production studios, websites and curriculum-based education products and services. Warner Bros. Discovery was formed in 2008 and is based in New York, New York.

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Buyer(S) 1

Buyer

Netflix

Los Gatos, California, United States
Category Company
Founded 1997
Sector Digital Media
Employees14,000
Revenue 39.0B USD (2024)
DESCRIPTION
Entrance to Netflix's corporate headquarters in Los Gatos, California.
Entrance to Netflix's corporate headquarters in Los Gatos, California.

Netflix is an internet-based provider of entertainment. Through subscriptions, Netflix offers consumers online content including TV shows and movies. Netflix was formed in 1997 and is based in Los Gatos, California.

DEAL STATS #
Overall 7 of 8
Sector: Media M&A 3 of 3
Type: Add-on Acquisition M&A Deals 7 of 8
State: New York M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2025 M&A 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-24 Boss Fight Entertainment

Allen, Texas, United States

Boss Fight Entertainment is a U.S. video game development studio that develops games for mobile, social, PC, and console platforms, including titles such as Dungeon Boss and myVEGAS Bingo. Boss Fight Entertainment was founded in 2013 and is headquartered in Allen, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-19 Ready Player Me

Tallinn, Estonia

Ready Player Me is a technology company that provides a cross-platform avatar creation platform and developer tools for games, virtual worlds, apps, and other digital experiences. The Company’s platform enables users to create customizable 3D avatars that can be used across multiple applications and integrated by developers via SDKs and APIs. Ready Player Me was founded in 2014 and is headquartered in Tallinn, Estonia.

Buy -
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