넷플릭스, 스트리밍 전쟁 종식: 워너 브라더스 디스커버리 인수

The streaming wars, a decade-long battle for eyeballs and wallet share, have effectively come to a close. In a move that has sent shockwaves through Wall Street and Hollywood alike, Netflix has announced the acquisition of Warner Bros. Discovery.

This isn’t just another merger; it is the consolidation event that analysts have predicted for years. By swallowing one of its largest historical rivals, Netflix has assembled likely the most powerful content library in history.

The Deal of the Century

While rumors had been swirling for months, the official announcement confirms that Netflix will acquire Warner Bros. Discovery in a deal valued at over $100 billion (including debt assumption). This brings a staggering portfolio under the big red “N”:

• HBO: The crown jewel of prestige TV (The Sopranos, Game of Thrones, The Last of Us).
• Warner Bros. Pictures: A legendary film studio with rights to DC Comics, Harry Potter, and the MonsterVerse.
• Discovery: The king of unscripted reality TV.
• CNN: A major global news network.

Why Now?

For Netflix, the timing is perfect. After cracking down on password sharing and introducing a successful ad-tier, their cash flow is healthier than ever. Warner Bros. Discovery, conversely, has been burdened by massive debt from its previous merger. This deal provides WBD an exit and Netflix a moat that is virtually uncrossable.

The Financials: Swallowing the Debt Bomb

The headline number is $100 billion, but the real story is the debt. WBD has long been hobbled by a $39 billion net debt load, a hangover from the AT&T spinoff.

• The Structure: Analysts suggest Netflix is using a stock-heavy deal structure to preserve cash. By issuing new Netflix shares to WBD holders, they are inviting them to join the winning team rather than buying them out in cash.
• The Synergies: Netflix estimates $4 billion in annual cost synergies. This is corporate speak for “layoffs.” Expect massive consolidation in marketing, legal, and back-end tech stacks. WBD’s “Max” app will effectively cease to exist, its library absorbed into Netflix’s superior compression algorithms and recommendation engine.

The Antitrust Hurdle: Khan’s Last Stand?

This deal is not a slam dunk. It faces the “Final Boss” of M&A: Lina Khan’s FTC.

• The Argument Against: This creates a monopoly on “premium” attention. A combined Netflix-HBO entity would control an estimated 40% of total streaming hours in the US. Competitors will argue this gives Netflix unprecedented pricing power—if they raise prices to $30/month, where else will you go for House of the Dragon AND Stranger Things?
• The Argument For: Netflix represents the deal as a necessary survival step against Big Tech. Apple (market cap $3.5T) and Amazon ($2.5T) treat streaming as a loss leader. Netflix will argue it needs this scale to compete with companies that can burn billions on content without blinking.

The Content Juggernaut: By the Numbers

To understand the scale of this merger, look at the library stats.

• Netflix: ~36,000 hours of originals.
• Discovery+: ~55,000 hours of unscripted content.
• HBO/WB: ~25,000 hours of premium film and TV.

Combined: Over 115,000 hours of owned content. Compare this to Disney+ (~20,000 hours excluding Hulu) or Apple TV+ (<2,000 hours). The gap isn’t just wide; it’s insurmountable.

Live Events & Sports: The Final Frontier

This deal also supercharges Netflix’s live ambitions.

• NFL: Netflix already secured Christmas Day NFL games.
• WBD Sports: While WBD arguably lost the NBA, they still retain significant sports rights (March Madness, MLB, NHL) and the production capabilities of TNT Sports.
• WWE: Netflix’s deal with WWE for Raw begins in January 2026.

By late 2026, Netflix will be a dominant player in live sports entertainment, a sector previously ruled by traditional cable and tech giants like Amazon.

What This Means for Competitors

The remaining players—Disney+, Amazon Prime Video, and Apple TV+—are now facing a behemoth.

• Disney+: Remains the strongest competitor with Marvel, Star Wars, and ESPN, but the gap in general entertainment content just widened responsibly.
• Amazon & Apple: Will likely continue as they have deep pockets, but video is loss-leading ecosystem play for them.
• The Rest: Paramount+, Peacock, and smaller streamers now face a grim reality. Expect further consolidation or shutdowns. Without significant scale, they simply cannot compete with the “Netflix-HBO” output machine.

The Consumer Impact

Is this good for you?

• Pros: potentially fewer subscriptions. A “Bundled” future is now just a single app.
• Cons: Pricing power. With less competition, Netflix has little incentive to keep prices low. Expect the “Netflix + Max” tiers to command a premium.

Conclusion

Netflix started as a DVD-by-mail service. Today, it essentially owns the legacy of Hollywood. The acquisition of Warner Bros. Discovery isn’t just a win; it’s a coronation. The streaming wars are over. Netflix won.