On Friday, Netflix announced its intention to acquire Warner Bros., HBO, HBO Max, and related studios from Warner Bros. Discovery in a massive $82.7 billion deal that is expected to close in 12 to 18 months. The company stated that the merger would significantly expand its content library, increase theatrical film releases, enlarge its studio footprint, and allow for greater investment in original programming, ultimately delivering more choices to subscribers.

Co-CEO Greg Peters described the acquisition as a transformative move that would pair Warner Bros.’ century-long legacy of entertainment excellence with Netflix’s global reach and streaming model, promising long-term growth, $2–3 billion in annual cost savings by the third year, and added value for shareholders.

While Netflix currently dominates the U.S. streaming market (used by 72% of Americans according to Pew) and HBO Max ranks tied for sixth (41%), the ultimate impact of the merger on consumers, pricing, and competition remains uncertain.