Netflix To Buy Warner Bros Discovery's Studios, Streaming Unit For $72 Billion
HuffPost
The deal is likely to face strong antitrust scrutiny in Europe and the U.S.
Dec 5 (Reuters) - Netflix has agreed to buy Warner Bros Discovery’s TV, film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood’s most prized and oldest assets to the streaming pioneer.
The agreement follows a weeks-long bidding war in which Netflix offered nearly $28-a-share, eclipsing Paramount Skydance’s PSKY.O close to $24 bid for the whole of Warner Bros Discovery, including the cable TV assets slated for a spinoff.
Buying the owner of marquee franchises including “Game of Thrones”, “DC Comics” and “Harry Potter” will further tilt the balance of power in Hollywood in favor of Netflix, which has so far built its dominance without major deals or a large content library.
The two companies together will “help define the next century of storytelling”, said Netflix co-CEO Ted Sarandos, who had once said “the goal is to become HBO faster than HBO can become us”.
Warner Bros Discovery shares rose nearly 4.4% to $25.6 premarket, while Netflix fell about 3% and Paramount 2.2%.
