In a staggering piece of news this Friday, streaming giant Netflix has announced that it has entered an agreement with Warner Bros. Discovery to acquire Warner Bros. in a deal that's valued at roughly $82.7 billion — an equity value of $72 billion.
Netflix is specifically acquiring Warner Bros.' Streaming & Studios company, which it created in June 2025 and includes including Game of Thrones, the DC Universe, Harry Potter, Lord of the Rings, and platforms such as HBO and HBO Max and Warner Bros. Games.
The media company doesn't mention WB's gaming division at all in its press release. However, Game Developer has confirmed with a WB spokesperson that "the recently-restructured video game division... will be joining Netflix."
Currently, Warner Bros. Games includes a number of studios such as Rocksteady (Batman: Arkham series), NetherRealm Studios (Mortal Kombat), TT Games (LEGO), Portkey Games, and Avalanche Studios (Harry Potter), along with WB's studios in Boston, Montréal, New York, and San Francisco.
It's a huge deal that Netflix expect to take around 12-18 months, but that's if it goes through. We know how long other huge acquisitions have taken. Plus regulators are more than likely to get involved. Paramount had previously attempted to purchase the studio in October, which was rejected.
Images: Warner Bros.
If successful, Warner Bros. shareholders will receive $27.75 a share along with stock in Netflix and the company expects to make savings of around $2-$3 billion by the third year.
The deal could have a huge impact on these studios, and is yet another example of consolidation in the video game industry at a time when layoffs, game studio sales, and closures are rampant.
In fact, earlier this week, reports emerged that Netflix was selling Spry Fox, developer of Cozy Grove, back to the owners.
We'll update this story if more information comes to light.
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