Netflix is buying Warner Bros., adding HBO and major franchises like "Harry Potter" to its content slate.
Netflix has agreed a $72bn (£54bn) deal to secure Warner Bros Discovery's film and TV studios and supercharge its library through rights to top franchises including Harry Potter and Game of Thrones.
Netflix says it's struck a deal to buy Warner Bros. Discovery for $27.75 per share
Netflix has agreed to buy Warner Bros Discovery's TV and film studios and streaming division for $72 billion, 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.
Bloomberg and Variety reported that Paramount Skydance has cried foul over the sales process, labeling it “tainted”. In a letter sent to Warner's CEO David Zaslav, Paramount's attorneys alleged that Warner's board had “embarked on a myopic process with a predetermined outcome that favors a single bidder,” refering to Netflix.
Move comes after the latest round of bids for the media company. Paramount and Comcast also made offers.
Netflix has entered exclusive talks with Warner Bros Discovery to acquire its studio and streaming service, a Bloomberg News reporter said in a post on X.
Ellison's meetings in Washington capped a frenzied day of dealmaking and political gamesmanship.
Netflix could be on the verge of a big purchase. Wall Street's not thrilled about it.
In the closing of the recent trading day, Netflix (NFLX) stood at $103.96, denoting a -4.93% move from the preceding trading day.
Antitrust officials are likening the Netflix purchase of WBD to Ticketmaster buying a popular entertainment venue like Madison Square Garden.
Major U.S. equities indexes were mixed Wednesday afternoon as the tech sector pulled back. The Dow climbed 0.4%, and the S&P 500 edged 0.1% higher, but the tech-heavy Nasdaq slid 0.2%.