California, USA – In a transformative move for the global entertainment industry, streaming service giant Netflix has bought the film and streaming businesses of Warner Bros Discovery for an equity value of $72 bn.
The successful bid, which saw Netflix outpace rivals Comcast and Paramount Skydance, means the company will now own immense assets, including the streaming service HBO Max and globally popular franchises such as Harry Potter and Game of Thrones.
Netflix co-chief executive Ted Sarandos acknowledged the surprise of the acquisition but called it a “rare opportunity” to consolidate content and “define the next century of storytelling”. The deal, which remains dependent on approval from competition authorities, is expected to generate between $2 bn and $3 bn in savings, primarily by removing overlaps in technology and support systems. Netflix confirmed that the acquired Warner Bros films would continue to receive cinema launches.
