Netflix will acquire film and television studio Warner Bros. Discovery, the streaming giant announced on Friday.
The deal, valued at $82.7 billion (about €71 billion), is the entertainment industry’s largest consolidation deal in a decade.
The previous largest such deal was when Disney bought Fox in 2019 for $71 billion.
What does the deal mean for Netflix and Warner Bros.?
Netflix wants to acquire Warner Bros. Film and television studios, HBO Max and HBO.
“Our mission has always been to entertain the world,” Netflix co-chief executive Ted Sarandos said in a joint statement with Warner Bros. Discovery.
Sarandos said the deal would combine Warner Bros.’ Netflix’s “incredible library” of movies and TV shows with signature productions.
Warner Bros. has produced Hollywood classics like “Casablanca” and “Citizen Kane” as well as modern blockbuster film series like “Harry Potter” and blockbuster TV hits like “Friends,” “The Sopranos” and “Game of Thrones.”
Netflix, on the other hand, is responsible for shows like “Stranger Things,” “KPOP Demon Hunters” and “Squid Game.”
“Together, we can give audiences more of what they love and help define the next century of storytelling,” Sarandos said.
In a joint statement, David Zaslav, chairman and CEO of Warner Bros. Discovery, said Friday’s announcement “combines two of the world’s greatest storytelling companies.”
Many more to follow…
Edited by Shawn Sinico