Netflix set to buy Warner Bros studios, streaming unit for US$72B – National
Netflix has agreed to buy Warner Bros Discovery’s TV and film studios and streaming division for US$72 billion, a deal that would hand control of one of Hollywood’s most prized and oldest assets to the streaming pioneer that has upended the media industry.
The agreement – announced on Friday – follows a weeks-long bidding war where Netflix seized the lead with a nearly US$28-a-share offer that eclipsed Paramount Skydance’s nearly US$24 bid for the whole of Warner Bros Discovery, including the cable TV assets slated for a spinoff.Warner Bros Discovery shares closed at $24.5 on Thursday, giving it a market value of $61 billion.
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