Netflix buys Warner Bros./ Parties reach deal worth $72 billion
Netflix will buy Warner Bros.' Discovery TV, film studios and broadcasting unit for $72 billion. The deal gives the streaming giant control of one of Hollywood's oldest and most prestigious assets.
This development represents a sharp turn for Netflix, which a few years ago shook up the entertainment industry, changing the way people watch movies and series. Now it is transforming itself into a traditional studio.
The deal came after a weeks-long bidding war in which Netflix offered nearly $28 per share, outbidding Paramount Skydance, which was expected to be the top bidder and had made several offers to buy Warner Bros. Discovery, including the television channels expected to be spun off from the company.
Netflix, which has focused for a decade on original productions like “Stranger Things,” “Bridgerton” and films like “KPop Demon Hunters,” will gain access to Warner Bros.’s vast archive, built over a century. This includes iconic productions like “Game of Thrones” and “Harry Potter,” as well as DC Comics superheroes, including Batman and Superman.
However, the deal is expected to face stiff scrutiny in Europe and the US, as Netflix, the world's largest streaming platform, will own a competitor that supports HBO Max and has nearly 130 million subscribers. "There will be resistance from some in Hollywood and unions," analysts say.
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