"Netflix has agreed to buy Warner Bros. Discovery's TV and film studios and streaming division for $72 billion US, 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 Friday follows a weeks-long bidding war where Netflix seized the lead with a nearly $28-a-share offer that eclipsed Paramount Skydance's nearly $24 bid for the whole of Warner Bros. Discovery,"
"Buying the owner of marquee franchises including Game of Thrones, DC Comics and the Harry Potter franchise will further tilt the power balance in Hollywood in favour of the streaming giant that built its dominance without major acquisitions or a large content library, helping its efforts to ward off competition. "Together, we can give audiences more of what they love and help define the next century of storytelling," Netflix co-CEO Ted Sarandos said in a statement."
"But the deal will likely face strong antitrust scrutiny in Europe and the U.S. as it would give the world's biggest streaming service ownership of a rival that is home to HBO Max and boasts nearly 130 million streaming subscribers. Warner Bros. Discovery had reportedly also received offers from Paramount Skydance and Comcast. David Ellison-led Paramount, which kicked off the bidding war with a series of unsolicited offers and has close ties with the Trump administration, questioned the sale process earlier this week"
Netflix will acquire Warner Bros. Discovery's TV and film studios and streaming division for $72 billion, securing marquee franchises such as Game of Thrones, DC Comics and Harry Potter. The purchase followed a weeks-long bidding war in which Netflix's nearly $28-per-share offer topped Paramount Skydance's nearly $24 bid. The deal shifts Hollywood power toward Netflix as it seeks to lock long-term rights, expand into gaming and reduce reliance on outside studios after tightening password-sharing. The transaction faces likely antitrust scrutiny in the U.S. and Europe because it would give Netflix ownership of HBO Max and nearly 130 million additional streaming subscribers.
Read at www.cbc.ca
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