Here's a look at Netflix and its $72 billion offer for Warner Bros.

"Netflix says it will buy Warner Bros. Discovery for $72 billion, one of the most colossal mergers in recent Hollywood history. Here's a look at the beginnings of the Hollywood studios and what the entertainment landscape is like today. The film industry has always been changing from silence to sound or VHS to DVDs. The giant Netflix merger is sure to shift the streaming landscape. It gives the streaming giant control of rival HBO Max and a storied film studio."

"Warner Bros. rejected a more expensive takeover from Paramount this week saying the Netflix deal was better for shareholders. In December Netflix released statements on their intention to acquire part of Warner Bros. Discovery, while also looking to alleviate concerns in Hollywood about the blockbuster deal's potential impact on the movie business. In a regulatory filing, Netflix co-CEOs Greg Peters and Ted Sarandos pledged that the streaming giant would continue to release movies to theaters."

Netflix will buy Warner Bros. Discovery for $72 billion, consolidating HBO Max and a major film studio under Netflix control. The deal follows Warner Bros. rejecting a pricier Paramount offer and positions Netflix to shift the streaming landscape. Netflix co-CEOs pledged to continue releasing movies to theaters and to enter the theatrical business when the deal closes. Netflix began as a 1997 DVD-rental mail-order service, went public in 2007, launched streaming thereafter, and began original production in 2012. By 2020 Netflix earned more Oscar nominations than any studio. Netflix now has 301.6 million paid subscribers and reported $11.51 billion revenue in Q3 2025.

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