Netflix has agreed to buy Warner Bros Discovery’s TV, film studios and streaming division for $72 billion, marking one of the biggest takeovers in entertainment history. The offer, valued at $27.75 a share, topped Paramount Skydance’s competing bid and gives Netflix control of major franchises including Game of Thrones, DC Comics and Harry Potter.
The deal is expected to reshape the global media landscape by combining the world’s largest streaming platform with a major Hollywood studio. Netflix co-CEO Ted Sarandos said the partnership would help define the next century of storytelling.
However, regulators in the US and Europe are likely to closely examine the agreement. Lawmakers, industry groups and analysts have raised concerns about reduced competition, especially since Warner Bros Discovery operates HBO Max and has nearly 130 million streaming subscribers. Cinema United warned that the merger could pose challenges for theatrical releases.
To address concerns, Netflix has said it will continue releasing Warner films in cinemas and will maintain long-term investments in original content. The company expects the deal to generate up to $3 billion in annual cost savings by its third year.
The acquisition is expected to close after Warner Bros Discovery completes the spinoff of its global networks unit in 2026.
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