Skorzewiak/DepositphotosNetflix agrees to acquire Warner Bros., HBO and HBO MaxNetflix is in the process of acquiring Warner Bros., including its film and television studios, HBO, and HBO Max, in a deal valued at approximately $72 billion in equity (about $82.7 billion enterprise value). The announcement, made in December 2025, marks one of the largest consolidation moves in entertainment history and requires regulatory and shareholder approval; the companies have said the transaction is expected to take roughly 12 to 18 months to close, depending on regulatory reviews and other customary conditions.