Netflix’s Landmark Acquisition of Warner Bros. Discovery: What’s Really Included, and What Comes Next

Netflix's $82.7 billion acquisition of Warner Bros. Discovery (WBD) has sent shockwaves through Hollywood, Silicon Valley, and Wall Street. But as the dust settles, one thing is clear: not all of WBD is part of the deal.

Netflix is acquiring the pieces most central to storytelling and premium entertainment:

• Warner Bros. film and television studios

• HBO and HBO Max, the crown jewels of prestige programming

• The WBD streaming business, which brings a vast global subscriber base and a library spanning decades of iconic content

However, the sports portfolio is notably excluded. Networks like TNT, TBS, and Bleacher Report, all central to live sports coverage, will be spun off into a separate business. Industry watchers expect it to be sold to another buyer, likely one better positioned in sports broadcasting.

The exclusion of sports may seem surprising, especially as Netflix has made its ambitions in the category increasingly visible. But the company has been clear: it wants select, high-impact sports "events," not entire seasons or leagues. Netflix's model emphasizes special one-off rights packages, big moments, not year-round commitments. This aligns with its brand: high engagement, global reach, and minimal scheduling complexity.

The acquisition is expected to close in 12 to 18 months, pending regulatory scrutiny. If approved, it would mark one of the most transformative entertainment mergers in decades. Questions from media analysts and fans focus on integration challenges, content consolidation, and how the combined powerhouse will reshape the streaming landscape.

For Warner Bros. Discovery, the deal represents a milestone. As advisors put it, "We are proud to have represented Warner Bros. Discovery in its landmark sale… This transformative combination will strengthen the entertainment industry, offering greater choice, opportunity, and value to stakeholders worldwide." J.P. Morgan, long aligned with WBD, played a central role as M&A advisor, financing architect, and strategic partner throughout the process.

As the industry waits for final approvals, one thing is certain: this merger will redefine competition, creativity, and culture across global entertainment. The next 18 months could reshape what and how the world watches.