Netflix Just Bought Warner Bros for $82.7 Billion

Netflix has moved from "competing with Hollywood" to buying a big chunk of it. The company has agreed to acquire Warner Bros - the studio behind DC, Harry Potter, Game of Thrones and more - in a monster deal worth $82.7 billion in enterprise value and $72 billion in equity value.

The agreement, announced on 5 December 2025, will see Netflix take over Warner Bros’ film and TV studios, HBO, HBO Max and the DC universe, while Warner Bros Discovery spins off its global networks (Discovery Global) into a separate listed company first.

For viewers in the UAE and wider MENA region, this raises obvious questions: what happens to HBO shows on OSN, where will DC movies live, and will cinemas here lose out? Let’s break down what’s actually been announced, and what it realistically means for your watchlist.

Netflix is buying more than a studio – it’s buying a library

Netflix isn’t just picking up a logo; it’s taking control of one of the deepest catalogues in Hollywood.

• Deal covers Warner Bros film and TV studios, HBO, HBO Max and DC.
• Franchises mentioned include Game of Thrones, The Sopranos, The Big Bang Theory, The Wizard of Oz and the DC universe, alongside Harry Potter and others.
• These now sit next to Netflix originals like Stranger Things, Squid Game, Wednesday and Money Heist.

In plain terms: Netflix is turning from “one big streaming service” into a combined streamer–studio with both the new hits and many of the century-old classics under one corporate roof. For UAE viewers already tracking new Netflix releases via hubs like New on Netflix in UAE, this sets up a future where the same app could eventually surface even more legacy Warner Bros and HBO content – once existing regional deals run their course.

How the $82.7 billion deal is structured

The numbers are large, but the structure is quite straightforward.

• Enterprise value of $82.7 billion and equity value of $72 billion.
• Each Warner Bros Discovery (WBD) shareholder gets $23.25 in cash plus $4.50 in Netflix stock per share, subject to a price collar.
• Netflix expects $2–3 billion in annual cost savings by year three, and says the deal should boost earnings by year two.

Investors are still digesting the news. Netflix and WBD shares have been a bit volatile since the announcement, with early reports noting a small dip in Netflix’s pre-market trading and mixed moves for WBD.

For most people in the UAE, the key point is timing: the deal only closes after Discovery Global is spun out in Q3 2026, and then may take 12–18 months to complete. That means any real effect on your streaming apps or cinema line-ups is at least a year or two away.

Netflix says cinemas are safe – at least for Warner Bros films

One of the biggest fears with any streaming giant buying a studio is that it might kill cinema releases. Netflix is trying to calm that down early.

• Netflix plans to keep Warner Bros’ existing operations, including theatrical releases for films.
• The company frames this as making the combined business “stronger for the whole entertainment industry”, not just its app.
• Warner Bros blockbusters like Barbie, Wonka and Dune: Part Two are already tied into theatrical-then-streaming windows globally.

For UAE cinemas, that’s good news. The region has been a strong box-office market for Warner Bros franchises – from DC films to family titles that also feed into Cartoon Network and kids programming on channels like Warner Bros Discovery’s Cartoon Network HD, which we’ve covered before in pieces like the.

If Netflix sticks to its stated plan, you should still see the big Warner Bros films in VOX, Reel and co. first, with streaming access later. The main shift is who owns the studio, not whether it still uses cinemas.

Netflix says cinemas are safe – at least for Warner Bros films

One of the biggest fears with any streaming giant buying a studio is that it might kill cinema releases. Netflix is trying to calm that down early.

• Netflix plans to keep Warner Bros’ existing operations, including theatrical releases for films.
• The company frames this as making the combined business “stronger for the whole entertainment industry”, not just its app.
• Warner Bros blockbusters like Barbie, Wonka and Dune: Part Two are already tied into theatrical-then-streaming windows globally.

For UAE cinemas, that’s good news. The region has been a strong box-office market for Warner Bros franchises – from DC films to family titles that also feed into Cartoon Network and kids programming on channels like Warner Bros Discovery’s Cartoon Network HD, which we’ve covered before in pieces like the Tiny Toons Looniversity Season 2 UAE rollout.

If Netflix sticks to its stated plan, you should still see the big Warner Bros films in VOX, Reel and co. first, with streaming access later. The main shift is who owns the studio, not whether it still uses cinemas.

What this could mean for streaming in the UAE and MENA

Here’s where things get more complicated – and more local.

• In MENA, HBO and many Warner Bros films are currently licensed exclusively to OSN/OSN+ under a multi-year deal, including Pay 1 rights to recent blockbusters like Barbie and Dune: Part Two.
• Internationally, HBO Max / Max has not launched in the Middle East because of this OSN partnership, which was renewed and extended as recently as 2023.
• OSN+ continues to market itself as the regional home of HBO and Warner Bros content, including upcoming DC spin-offs like The Penguin.

So even after Netflix owns Warner Bros on a corporate level, it can’t just flick a switch and dump every HBO and Warner Bros title into the UAE Netflix app. Existing licensing and output deals with OSN will need to run down or be renegotiated.

In the meantime, Netflix in UAE keeps doing what it already does: pushing originals and licensed titles, as you see in our ongoing guides like Netflix new in November for MENA and monthly round-ups such as New on Netflix UAE this December.

Expect a slow evolution rather than a sudden “all your HBO are now on Netflix” moment.

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