Netflix's announced Warner Bros. Discovery deal is the latest example of the company changing course.
Netflix Inc. agreed to buy Warner Bros. Discovery Inc., marking a seismic shift in the entertainment business as a Silicon Valley-bred streaming giant swallows one of Hollywood's oldest and most revered studios.
Piece by piece, Netflix has disrupted a more-than-century-old industry. Now it's buying some of Hollywood's most iconic properties.
What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters.
Warner Bros Discovery has agreed to sell its iconic studio and streaming assets to Netflix for $72 billion, in a move that will reshape Hollywood by creating a vertically integrated media powerhouse.
Hollywood unions and theater owners on Friday sounded the alarm over Netflix's proposed $72 billion takeover of Warner Bros Discovery, warning the deal would cut jobs, concentrate power and reduce theatrical movie releases if the deal passes regulatory review.
Simon Gallagher, SPG Global managing director and former Hulu/Netflix exec, says Warner would be exponentially more valuable inside Netflix. He tells “The Close” that Warner Bros.
But will the White House interfere to help Paramount Skydance?
A strong quarterly report helped drive big gains for a retailer of make-up and other beauty products, while the end of a high-profile bidding war made waves in media and entertainment.
Netflix's $72bn takeover of Warner Brothers is a blockbuster in every sense.
The major Hollywood labor unions have chimed in on Netflix's proposed $82.7 billion takeover of Warner Bros. film and television studios, HBO Max and HBO, and none is anticipating a happy ending for their constituencies should the deal go through as expected.
The Ellisons are now angling for a counterattack, sources say. They also believe they can win this battle by taking their case directly to WBD shareholders.