Netflix has reached a $72bn agreement to acquire Warner Bros Discovery’s TV and film studios, along with its streaming division, marking a major shift in the global entertainment landscape.
The deal, announced on Friday, puts Netflix in control of one of Hollywood’s oldest and most influential studios.
The agreement comes after weeks of competing bids, with Netflix stepping ahead through an offer of nearly $28 per share, higher than Paramount Skydance’s almost $24 bid for all of Warner Bros Discovery, including its cable networks expected to be spun off.
Warner Bros Discovery shares closed at $24.5 on Thursday, valuing the company at about $61bn.
By purchasing the home of major franchises such as “Game of Thrones”, “DC Comics” and “Harry Potter”, Netflix strengthens its position in the industry as it continues to challenge rivals like Walt Disney and the Ellison family-backed Paramount.
