Netflix has agreed to acquire Warner Bros. for $72 billion in a cash-and-stock deal that's set to upend the entertainment landscape. Announced Friday, the agreement comes after Warner Discovery decided to split its storied movie studios and HBO Max streaming service away from its cable networks, including CNN and TNT, per the Wall Street Journal. The purchase price is $27.75 per Warner Discovery share, giving the transaction an enterprise value of close to $83 billion.
The acquisition, Netflix's biggest to date, will bring together two major forces in film and television, per the AP. The New York Times notes that Netflix teaming up with Warner Bros. will "create a colossus with greater leverage over theater owners and entertainment-industry unions," as well as "complete the conquest of Hollywood by tech insurgents." Netflix expects Warner Bros.' deep library and production capabilities to strengthen its own lineup. In a statement, Netflix co-CEO Ted Sarandos described the deal as an opportunity to "help define the next century of storytelling," per the Journal.
Warner Discovery CEO David Zaslav echoed that sentiment, saying the merger would ensure the company's stories continue to resonate globally. The deal, which followed a round of sweetened bids from Netflix, Paramount, and Comcast, is expected to close in a year to 18 months. Paramount had wanted to buy all of Warner Discovery, while Comcast was only after the studios and streaming business. Paramount later criticized the process, calling it biased toward Netflix and warning that regulatory hurdles could derail the sale.
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