The world of entertainment experienced a tectonic shift today as Netflix confirmed its acquisition of Warner Bros. Discovery’s studio and streaming assets. In a deal with a total enterprise value of approximately $82.7 billion, the streaming giant, once known only for mailing DVDs, has officially secured the future of its content empire and reshaped the landscape of global media. Announced on December 5, 2025, if approved by regulators, this historic transaction grants Netflix immediate control over a century-old catalogue of iconic, world-defining intellectual property, including the DC Universe, the Harry Potter franchise, and the prestige television of HBO titles like Game of Thrones and The Sopranos.
The company was founded in 1997 by Reed Hastings and Marc Randolph with a simple premise: a mail-order DVD subscription service designed to eliminate the late fees charged by traditional video rental stores and shipping physical discs in its iconic red envelopes.
The true pivot came in 2007 when Netflix launched its streaming service, betting on the widespread adoption of high-speed internet and laying the groundwork for the modern entertainment consumer’s habit of “binge-watching.”
By 2013, the company took a monumental step from content distributor to content creator, investing heavily in its own original programming. Early landmark titles like the political drama House of Cards and the prison comedy-drama Orange Is the New Black proved the platform could produce premium television. This was followed by defining global phenomena that secured its dominance, including the nostalgic sci-fi hit Stranger Things, the Spanish-language thriller Money Heist, the Korean sensation Squid Game, and the period romance Bridgerton.
Scroll down to take a look back at the history of Netflix in photos.
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NETFLIX HASTINGS CROCODILE DUNDEE PERFECT STORM
Image Credit: AP Photo/Paul Sakuma Former Co-Founder and CEO of Netflix, Reed Hastings holds up two of their most popular DVD rentals “The Perfect Storm” and “Crocodile Dundee in Los Angeles” at their distribution plant in San Jose, Calif., Monday, Sept. 10, 2001
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Rent DVDs at Netflix.com
Image Credit: Justin Sullivan/Getty Images Former Co-Founder and CEO pf Netflix, Reed Hastings sits in a cart full of ready-to-be-shipped DVDs January 29, 2002 in San Jose, CA
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Rent DVDs at Netflix.com
Image Credit: Getty Images Ready-to-be-shipped DVDs roll down an assembly line January 29, 2002 in San Jose, CA
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Netflix Founder and CEO Reed Hastings
Image Credit: Getty Images Reed Hastings, former Co-Founder and CEO Netflix, poses in a Netflix distribution plant in Sunnyvale, California, 2003
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Netflix, Reed Hastings
Image Credit: AP Photo/Paul Sakuma Former Co-Founder and CEO of Netflix, Reed Hastings shows off their new set top box at Netflix headquarters in Los Gatos, Calif., Friday, May 16, 2008
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Netflix Launches In Mexico City – Press Conference
Image Credit: Hector Vivas/Latin Content/Getty Images Reed Hastings, former CEO of Netflix, and Ted Sarandos attend a press conference to announce the Netflix service in Mexico at the St. Regis Hotel on September 12, 2011 in Mexico City, Mexico
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Netflix Launch
Image Credit: Gareth Cattermole/Getty Images for Netflix (L-R) Neil Hunt, former Chief Product Officer, Netflix, Reed Hastings, former Co-Founder and CEO Netflix, Ted Sarandos, Chief Content Officer Netflix pose during the Netflix UK launch in London, England on January 9, 2012
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Netflix Launch
Image Credit: PA Images via Getty Images James “Arg” Argent (left) and Sam Faiers (right) from The Only Way Is Essex join former Netflix CEO Reed Hastings (centre) to bring a bit of Hollywood glamour to Basildon at the launch of Netflix, the Worlds leading Film and Television streaming service, in the UK, January 09, 2012
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Netflix House of Cards Red Carpet Premiere
Image Credit: Netflix (L-R) Beau Willimon, Robin Wright, Kate Mara, David Fincher and Kevin Spacey attend the red carpet premiere for the launch of Netflix Original Series “House of Cards” at Odeon West End on January 17, 2013 in London, England
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Netflix’s Los Angeles Premiere Of Season 4 Of “Arrested Development”
Image Credit: Michael Buckner/Getty Images for Netflix (L-R) Producer Mitchell Hurwitz, producer Brian Grazer, actor Will Arnett, actor Jeffrey Tambor, actress Alia Shawkat, actor Michael Cera, actress Jessica Walter, actress Portia de Rossi, actor Tony Hale, actor Jason Bateman, actor David Cross and Ted Sarandos arrive at the Los Angeles Premiere of Season 4 of Netflix’s “Arrested Development” at the TCL Chinese Theatre on April 29, 2013 in Hollywood, California
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Netflix Presents The “Orange Is The New Black” Friends And Family Screening
Image Credit: Getty Images (L-R) Creator and executive producer Jenji Kohan, Ted Sarandos and actress Taylor Schilling attend the Netflix Presents “Orange Is The New Black” Special Screening at AMC Loews Broadway 4 on June 17, 2013 in Santa Monica, California.
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Red carpet premiere of Netflix original series ‘Stranger Things’
Image Credit: Eric Charbonneau/Getty Images for Netflix Caleb McLaughlin, Noah Schnapp, Netflix Chief Content Officer Ted Sarandos, Millie Brown and Gaten Matarazzo seen at the red carpet premiere in support of the launch of the Netflix original series “Stranger Things” at Mack Sennett Studios on Monday, July 11, 2016, in Los Angeles, CA
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Netflix See What’s Next Event In Rome
Image Credit: Franco Origlia/Getty Images for Netflix (L-R) Felix Kramer, Percelle Ascott, Sorcha Groundsell, Reed Hastings, Dylan Minnette, Katherine Langford, Alisha Boe, Lucas Lynggaard Tonnesen, Dakota Fanning, Mikkel Boe Folsgaard, Alba August, Luke Evans, Daniel Bruhl, Alison Brie, Cindy Holland, Ted Sarandos, Ursula Corbero, Erick Barmack, Alvaro Morte, Alessandro Borghi, Miguel Herran, Maria Pedraza, Lisa Nishimura, Cagatay Ulusoy attend Photocall during Netflix ‘See What’s Next’ event at Villa Miani on April 18, 2018 in Rome, Italy
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2019 Netflix Primetime Emmy Awards After Party
Image Credit: Getty Images (L-R) Ted Sarandos and Jason Bateman attend the 2019 Netflix Primetime Emmy Awards After Party at Milk Studios on September 22, 2019 in Los Angeles, California
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Netflix DVD Final Curtain
Image Credit: AP Photo/Mike Liedtke, File Netflix’s first CEO and co-founder, Marc Randolph, poses outside the Santa Cruz, California, post office in May, 2022, where he had mailed a Patsy Cline CD to the company’s co-founder Reed Hastings, to test whether a disc could make it through the mail. The Netflix DVD-by-service will mail out its final discs Friday from its five remaining distribution centers, ending its 25-year history
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FYSEE Squid Game | Netflix
Image Credit: Charley Gallay/Getty Images for Netflix (L-R) “Squid Game” guards, Anupam Tripathi, Lee Jung-jae, Jung Jae-il, Hwang Dong-hyuk, CEO of Netflix Ted Sarandos, Oh Young-soo, Chae Kyoung-sun, Kim Ji-yeon, Park Hae-soo, and Cheong Jai-hoon attend Netflix’s FYSEE event for “Squid Game” at Raleigh Studios Hollywood on June 12, 2022 in Los Angeles
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World Premiere Of Netflix’s “Wednesday” – Red Carpet
Image Credit: Amy Sussman/PMC (L-R) Gwendoline Christie, Jenna Ortega, Tim Burton, Catherine Zeta-Jones, Christina Ricci and Ted Sarandos, CEO & CCO, Netflix, attend the world premiere of Netflix’s “Wednesday” at Hollywood Legion Theater on November 16, 2022 in Los Angeles
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Ted Sarandos Instagram Post
Image Credit: Ted Sarandos Instagram Netflix delivers its final DVD on September 29, 2023. “Today, after 25 years, we ship our last DVD. It was a huge honor to join the incredible DVD team in Fremont this week to thank them for being a part something that changed people’s lives. Those iconic red envelopes were so loved that we shipped more than 5 billion of them to cities and towns, big and small that otherwise would have had no access to the variety of films and television shows we made available. Thank you to all of our members and DVD employees for 25 history making years!”
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97th Annual Oscars – Governors Ball
Image Credit: Monica Schipper/Getty Images (L-R) Greg Peters, Zoe Saldaña, and Ted Sarandos attend the 97th Annual Oscars Governors Ball at Ovation Hollywood Complex on March 02, 2025 in Hollywood
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Netflix’s “Stranger Things” Season 5 World Premiere
Image Credit: Roger Kisby/Getty Images for Netflix (L-R) Cast and crew, such as Ted Sarandos, Co-CEO, Netflix, Caleb McLaughlin, Priah Ferguson, Joe Chrest, Dan Cohen, Gaten Matarazzo, Noah Schnapp, Natalia Dyer, Charlie Heaton, Finn Wolfhard, David Harbour, Brett Gelman, Millie Bobby Brown, and Jamie Campbell Bower attend Netflix’s “Stranger Things” Season 5 World Premiere at TCL Chinese 6 Theatres on November 06, 2025, in Hollywood, California
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Netflix’s “The New Yorker At 100” New York Screening
Image Credit: Theo Wargo/Getty Images Ted Sarandos attends Netflix’s “The New Yorker At 100” New York Screening at The Paris Theatre on December 04, 2025 in New York City
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