Last Updated on 2025 年 12 月 8 日 by 総合編集組
Netflix’s $82.7 Billion Acquisition of Warner Bros. & HBO: Everything Consumers Need to Know in 2025
On December 5, 2025, Netflix officially announced the largest media deal in history: an $82.7 billion (enterprise value) acquisition of Warner Bros. Discovery’s film, TV studio, and streaming operations—including the iconic HBO brand and HBO Max library. The equity portion alone is valued at $72 billion, with Netflix paying $27.75 per share in a cash-and-stock deal.
This is not an immediate takeover. Warner Bros. Discovery will first complete its previously announced spin-off of its linear TV networks (CNN, TNT, TBS, etc.) into a separate public company, expected to be finalized around Q3 2026. Only after that separation will Netflix close the acquisition, likely between late 2026 and early 2027.
What Consumers Actually Get
Once completed, Netflix will own: ・Warner Bros. Pictures, New Line Cinema, Warner Bros. Television ・HBO and the entire HBO Max original and library catalog ・Legendary franchises: Game of Thrones, The Lord of the Rings, Harry Potter, The Matrix, DC Extended Universe, Friends, The Sopranos, Succession, The Last of Us, and thousands more classics ・Castle Rock, Cartoon Network, and Adult Swim archives
In short: almost every major non-Disney, non-Universal tentpole IP will live under one roof.
Will Subscription Prices Go Up?
Almost certainly—eventually. Analysts expect Netflix to raise prices gradually after integration to help service the massive debt load. Possible scenarios: ・2026: status quo (HBO Max continues separately) ・2027: new bundled tiers appear, with premium “Netflix + HBO Everything” plans rising 10–20% ・Long-term: higher average revenue per user offset by dramatically increased content value
However, Netflix has repeatedly stated it will maintain theatrical windows for Warner blockbusters, meaning big DC and Harry Potter films will still hit cinemas first.
Content Migration Timeline & User Experience
Current HBO Max subscribers in most regions (including Taiwan via partnership) will keep access until the official migration. Netflix promises “no content will be removed” during transition and has already begun building a dedicated HBO hub inside its app. Offline downloads, profiles, watch history, and subtitles are all expected to carry over.
Antitrust & Regulatory Hurdles
The U.S. FTC and EU competition authorities have both flagged the deal for in-depth review. Critics argue the combined entity would control nearly 50% of premium scripted content in the U.S., potentially harming independent creators. Netflix has offered behavioral remedies (continued licensing to third parties) similar to Disney–Fox, but approval is far from guaranteed.
Global & Taiwan Impact
In Asia-Pacific, including Taiwan, the deal accelerates Chinese-subtitled and localized content rollout. Warner’s existing HBO GO partnerships will transition smoothly into Netflix, and many expect faster premiere windows for HBO originals in the region.
Smart Strategies for Viewers Right Now
・Do NOT cancel HBO Max yet—wait for official bundling offers ・Download your favorite HBO shows offline while you still can ・Watch for 2026–2027 free trial or discounted bundle promotions ・Keep one alternative platform (Disney+, Apple TV+, or Paramount+) as backup ・Provide feedback directly to Netflix—user data heavily influences final pricing tiers
The Bigger Picture
This merger marks the end of the “streaming wars” user-acquisition phase and the beginning of the “content depth & quality” era. While short-term price pressure is real, the long-term winner is likely the consumer who gains access to an unprecedented library under one subscription.
The streaming throne is being forged—and for the first time, one company will sit on it wearing both the Netflix crown and the HBO iron ring.
