Netflix on Friday announced it has agreed to buy Warner Bros Discovery’s TV, film studios and streaming division for $72 billion.
The acquisition places one of the industry’s oldest and most iconic studios under the control of Netflix.
The platform’s Co-CEO Ted Sarandos said: “We know this news may surprise many, and we understand why.
“We’ve always been builders more than buyers, but this is a rare opportunity that aligns perfectly with our mission to entertain the world and connect people through powerful stories.”
The deal concludes a competitive bidding war that lasted several weeks. Netflix’s offer of nearly $28 per share outbid Paramount Skydance, the expected frontrunner, which had made multiple unsolicited attempts to acquire the entire Warner Bros Discovery group, including its cable assets. Comcast was also reportedly in the race.
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This acquisition grants Netflix access to Warner Bros’ century-old treasure trove of intellectual property — including “Game of Thrones,” “Harry Potter,” and the DC universe featuring superheroes like Batman and Superman.
It adds to Netflix’s growing catalogue of hit originals such as Stranger Things, Bridgerton, and KPop Demon Hunters.
Sarandos described the merger as one that will “help define the next century of storytelling,” recalling his earlier declaration that Netflix aimed to “become HBO faster than HBO can become us.”
Following the announcement, Warner Bros Discovery shares rose 3.2% to $25.33. Netflix stock dipped slightly by 0.2%, while Paramount shares fell 6.1%.
CNBC reported that Paramount had offered $30 per share during its attempted takeover.
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