2025年12月5日，全球流媒體巨頭Netflix宣布一宗震撼娛樂產業的收購交易，計畫以827億美元（其中股權價值約720億美元）收購華納兄弟探索公司旗下的影視工作室及流媒體業務。這宗交易預計將在2026年第三季度完成，並有望改變全球娛樂和流媒體市場的格局。

此次收購的標的範圍廣泛，涵蓋華納兄弟的電影和電視部門、HBO Max流媒體平台，以及一系列頂級知識產權（IP），包括《哈利·波特》《權力的遊戲》《DC宇宙》和《老友記》等。同時，收購也包括華納蒙特利爾工作室和Rocksteady Studios等遊戲開發團隊，進一步拓展Netflix在遊戲和互動娛樂領域的版圖。然而，華納兄弟旗下的CNN、探索頻道等有線電視頻道資產將被剝離，獨立組建為“探索全球”公司，以保持其新聞和紀實內容的獨立運作。

在業務整合方面，Netflix承諾將保留華納兄弟現有的院線發行策略及內容創作獨立性，確保電影仍能在影院上映，同時計畫推出Netflix與HBO Max的捆綁套餐，吸引更多用戶。未來，HBO Max平台可能不再作為獨立服務存在，其內容將整合到Netflix主平台之中，形成更集中化的內容生態。

這宗交易對整個娛樂行業具有深遠影響。合併後，Netflix的用戶規模有望達到4.5億人，流媒體市場的集中度將顯著提升，可能引發監管機構的反壟斷審查。透過收購華納兄弟，Netflix不僅補齊頂級IP庫和院線發行能力，還直接向迪士尼等流媒體巨頭發起挑戰，或將加速整個流媒體行業的整合進程。就後續計畫而言，交易仍需通過各國監管機構的批准。Netflix已預先設置50億美元的“分手費”，以應對潛在的監管阻力。雙方強調，這次整合將結合Netflix在技術和數據分析上的優勢，與華納兄弟百年的內容積累，共同重塑全球娛樂產業格局，形成更強大的內容和用戶生態系統。整體而言，這宗交易不僅是流媒體行業的巨額收購，更可能成為影響未來十年全球娛樂格局的重要里程碑。

On December 5, 2025, global streaming giant Netflix announced a blockbuster acquisition that is set to reshape the entertainment industry. The company revealed plans to acquire Warner Bros. Discovery’s film studios and streaming business for $82.7 billion, including $72 billion in equity value. The deal is expected to close in the third quarter of 2026, signaling a major consolidation in the global entertainment and streaming markets.

The scope of the acquisition is extensive, encompassing Warner Bros.’ film and television divisions, the HBO Max streaming platform, and a roster of top-tier intellectual properties (IPs) such as Harry Potter, Game of Thrones, the DC Universe, and Friends. In addition, the deal includes gaming development teams like Warner Montreal Studios and Rocksteady Studios, expanding Netflix’s footprint in gaming and interactive entertainment. However, Warner Bros.’ cable assets, including CNN and Discovery Channel, will be spun off as a separate entity named “Discovery Global,” maintaining the independence of news and factual content.

Regarding business integration, Netflix has pledged to preserve Warner Bros.’ existing theatrical distribution strategies and creative independence, ensuring films continue to premiere in cinemas. The company also plans to launch bundled subscription packages combining Netflix and HBO Max content, aiming to attract a larger user base. HBO Max may no longer operate as a standalone service, with its content integrated into Netflix’s main platform, creating a more centralized content ecosystem.

The acquisition carries significant implications for the entertainment industry. Post-merger, Netflix’s total user base could reach approximately 450 million, substantially increasing market concentration in the streaming sector and potentially drawing antitrust scrutiny from regulators. By acquiring Warner Bros., Netflix not only strengthens its portfolio of top-tier IPs and theatrical distribution capabilities but also positions itself as a direct competitor to other streaming giants like Disney, potentially accelerating consolidation in the industry.

From a regulatory perspective, the deal still requires approval from government authorities. Netflix has already set aside a $5 billion “breakup fee” to address potential obstacles. Both parties emphasize that the integration will leverage Netflix’s technological and data analytics strengths alongside Warner Bros.’ century-long content legacy, aiming to reshape the global entertainment landscape and create a stronger combined ecosystem of content and subscribers.

Overall, this acquisition represents more than just a major streaming deal—it is poised to become a landmark milestone with far-reaching consequences for the global entertainment industry over the next decade.