After weeks of offers from potential suitors, it has been announced that Netflix is preparing to acquire Warner Bros. in 2026. The deal is expected to close after Warner Bros. Discovery completes its split into two separate companies. Netflix will own Warner Bros. Games, which means that studios like Rocksteady, TT Games, NetherRealm, and Avalanche will likely all soon fall under the Netflix Games umbrella.
On X, a statement from Netflix reads: “Together, we will define the next century of storytelling, creating an extraordinary entertainment offering for all audiences.”
The total enterprise value of the deal is $82.7 billion, with a stock value of $72 billion. The deal was announced on December 5, 2025, and is expected to close in Q3 2026, following the Warner Bros. Discovery split.
Gaming studios included are NetherRealm Studios (Mortal Kombat, Injustice), Rocksteady Studios (Batman: Arkham series, Suicide Squad), Avalanche Software (Hogwarts Legacy), TT Games (Lego games), and WB Games Montréal (Batman: Arkham Origins, Gotham Knights).
This acquisition represents the largest consolidation in the entertainment sector since Disney’s acquisition of Fox in 2019.
