In a deal widely expected to shake up Hollywood, Netflix agreed to buy the studio and streaming businesses of Warner Bros. Discovery in a $72 billion deal. It is Netflix’s biggest acquisition in history.
In the deal, Netflix is planning to buy HBO Max and the top-performing Warner Bros. studio, but not WBD’s TV networks like CNN, TNT, and TBS.
Netflix competed against Paramount Skydance and Comcast for the acquisition.
“People across WBD have navigated extraordinary change over the last three years, while building a company with real creative, journalistic, and commercial strength,” WBD CEO David Zaslav wrote in a memo to staff about the deal. “That deserves to be acknowledged plainly.”
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