"On December 5, Netflix announced plans to acquire Warner Bros. Discovery - including its extensive library of franchises like Harry Potter, The Sopranos, and the DC Universe - in an $83 billion deal some cinephiles denounced as the beginning of the end of the theatrical-release model."
"With both offers, there's been bipartisan concern in Congress over whether WBD's new owner will have too much power over the entertainment industry, while the Writers Guild of America has questioned whether a sale will cause wages and available jobs to go down and consumer prices to go up."
"Jane Fonda has denounced Netflix's potential acquisition as both a "constitutional crisis" and "a catastrophic business deal that could destroy our creative industry.""
Netflix proposed acquiring Warner Bros. Discovery for $83 billion, encompassing major franchises such as Harry Potter, The Sopranos, and the DC Universe. Paramount made a hostile $108 billion counteroffer three days later. Bipartisan congressional concern emerged about potential concentration of power in the entertainment industry. The Writers Guild of America warned that a sale could reduce wages and available jobs while raising consumer prices. Jane Fonda labeled the potential acquisition a "constitutional crisis" and a destructive business deal. Netflix stated it "expects to continue" theatrical releases, but past comments from co-CEO Ted Sarandos have fueled skepticism.
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