Netflix’s planned acquisition of Warner Bros. is a massive entertainment industry shake-up valued at about $82.7 billion, bringing Warner’s film and TV studios, HBO and HBO Max into Netflix’s portfolio and significantly expanding its content library.

The deal emerged after a competitive bidding process and has been amended to an all-cash transaction to simplify the terms and encourage Warner shareholders to approve it. It still depends on regulatory clearance and a shareholder vote, with closing expected after Warner’s spin-off of its cable networks in 2026. The transaction has triggered intense scrutiny from antitrust regulators and lawmakers in the U.S. and abroad, with critics warning it could reduce competition, push up prices and narrow opportunities for creators, while Netflix says the merger will enhance choice and value for consumers.