"Holy massive mergers, Batman! Netflix and has announced that it is purchasing Warner Bros. in a whopping deal worth an enterprise value of $82.7 billion and an equity value of $72 billion, reflecting both the overall worth of the company, including debt, and the value attributable to shareholders. But the important bit for us, dear readers, is that all of Warner Bros. gaming division is included."
"This will hand Netflix some powerful teams and IP. They'll own Netherealm and the Mortal Kombat series, for example. They'll also gain Hogwarts Legacy team Avalanche, giving them one of the best-selling titles ever and access to the Harry Potter IP, although J.K. Rowling retains a lot of control over it to. Hogwarts Legacy's sequel, which we know is being developed, will presumably launch under Netflix's control."
Netflix is purchasing Warner Bros.' streaming and studios subsidiary for an enterprise value of $82.7 billion and an equity value of $72 billion. The deal includes Warner Bros. Games and will transfer studios such as NetherRealm, Avalanche, and Rocksteady into Netflix ownership. The subsidiary will include HBO and streaming assets and is expected to operate by Q3 2026 with closing in 12–18 months. Netflix plans to maintain current operations and continue theatrical releases. Ownership brings major IPs including Mortal Kombat, Hogwarts Legacy and the DC catalogue. Warner Bros. gaming performance has been mixed, with Hogwarts Legacy selling over 34 million copies.
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