Netflix has officially concluded a deal to seize control of one of Hollywood's oldest assets: the streaming giant intends to acquire Warner Bros. Discoveryincluding film and television studios (HBO) and a streaming division (HBO Max), for US$72 billion (C$99.9 billion).
The agreement announced today follows a weeks-long bidding war in which Netflix took the lead from at least two other Warner Bros. suitors, including Paramount Skydance and Comcast. This follows Warner's separation from its Discovery Global cable television business, which includes CNN, Discovery Networks, TNT and others.
Netflix's acquisition of Warner Bros. – owner of such outstanding franchises as Game of ThronesDC comics and Harry Potter — will further cement the industry-altering streamer as a dominant force in Hollywood, as it has achieved most of its dominance to date without major acquisitions or a large library of content.
“Together, we can give viewers more of what they love and help define the next age of storytelling,” Netflix co-CEO Ted Sarandos said in a statement, while the company added its commitment to “support Warner Bros.” current operations and build on our strengths.”
The deal, still awaiting regulatory approval, is expected to face antitrust scrutiny given that one of the world's largest streaming services will now be owned by rival HBO Max, which itself boasts nearly 130 million streaming subscribers.
