NEW DELHI: Netflix on Friday annnounced that it has acquired Warner Bros., including HBO and HBO Max, for an enterprise value of $82.7 billion. The cash and stock deal values Warner Bros. Discovery (WBD) at $27.75 per share and will take effect after the separation of WBD’s Global Networks division, Discovery Global, which is scheduled to be completed in the third quarter of 2026.The acquisition combines Netflix’s global streaming platform with Warner Bros.’ long-established film and television legacy, bringing titles such as The Big Bang Theory, The Sopranos, Game of Thrones, and the DC Universe into Netflix’s portfolio.“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “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.”Netflix said the deal will elevate its content strength globally. “This acquisition will improve our offering and accelerate our business for decades to come,” co-CEO Greg Peters said. The move will “strengthen the entire entertainment industry and create more value for shareholders,” he added.WBD President and CEO David Zaslav said the merger expands the reach of Warner Bros.’ catalogue. “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,” he said.As part of the agreement, WBD shareholders will receive $23.25 in cash and $4.50 in Netflix stock per share at closing. Netflix expects to save $2-3 billion annually by the third year and said the transaction will boost earnings by year two.