Netflix to take over Warner Bros Discovery in 72-billion-dollar deal

Netflix is set to buy Warner Bros Discovery’s TV, film studio and streaming division in a 72-billion-dollar deal, giving the company control of one of Hollywood’s oldest and most iconic studios.
The move marks a major shift for Netflix. After transforming how audiences watch movies and shows, the streamer is now stepping into the role of a traditional Hollywood studio.

“Some of you may be surprised by this acquisition, and I understand why,” Netflix Co-CEO Ted Sarandos told investors. “We’ve always been known as builders, not buyers. But this is a rare chance to strengthen our mission to entertain the world.”

The deal follows a tight bidding race, with Netflix offering nearly 28 dollars a share and edging out Paramount’s Skydance, which had tried to take over all of Warner Bros Discovery, including its cable networks.

The acquisition gives Netflix access to Warner Bros’ vast century-old library, including franchises like “Game of Thrones,” “Harry Potter” and DC’s superheroes such as Batman and Superman. Sarandos said the combined strengths of both companies could “shape the next century of storytelling.”

Warner Bros Discovery’s shares rose 3.2 percent to 25.33 dollars. Netflix slipped by 0.2 percent, while Paramount dropped 6.1 percent.

Paramount and Comcast, another bidder, have not commented yet. CNBC reported that Paramount had offered 30 dollars per share and may consider approaching Warner Bros Discovery shareholders directly, though this has not been confirmed.