"Netflix is poised to purchase Warner Bros.' studio and streaming business after being selected as the winner of the bidding war for the media giant. The two companies will now move forward into exclusive deal talks, TheWrap reports, likely including a $5 billion break-up fee in case regulators block the buyout. Netflix reportedly offered $30 a share for the studio and its streaming assets, which include HBO Max and the rights to brands including Harry Potter and DC Comics."
"Netflix's bid won out over interest from Comcast and Paramount, fresh from its own merger with Skydance, though early interest had been reported from Amazon and Apple too. Warner Bros. Discovery announced that it was open to an acquisition in October, months after announcing plans to split the company in two: the studio and streaming business on one side, and cable on the other."
Netflix has been selected as the winning bidder to acquire Warner Bros.' studio and streaming business and will enter exclusive negotiations that likely include a $5 billion breakup fee if regulators block the deal. The $30-per-share offer covers HBO Max and intellectual property such as Harry Potter and DC Comics. Netflix outbid interest from Comcast and Paramount, with prior attention from Amazon and Apple. Warner Bros. Discovery had signaled openness to a sale after planning to split into studio/streaming and cable divisions. The transaction faces Department of Justice opposition and would force Netflix to manage a major theatrical studio operation.
Read at The Verge
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