In a major deal, Netflix has agreed to buy the film and streaming businesses of Warner Bros Discovery for a whopping $82.7 billion.
With the acquisition, there will be more choice and greater value for consumers.
Netflix "expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films."
Netflix and Warner Bros. Discovery, on Friday, announced entering into a major deal under which the former will acquire the latter, including its film and television studios, HBO Max and HBO for $82.7 billion (equity value of $72.0 billion).
The merger will totally change the streaming landscape as the Warner Bros. franchises, shows and movies such as Game of Thrones, The Wizard of Oz, The Big Bang Theory, The Sopranos, and the DC Universe will be available for Netflix’s subscribers.
The acquisition will provide Netflix members with a wide range of high-quality titles. The streaming giant will also optimise its plans for consumers by enhancing viewing options and expanding its content.
Netflix "expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films."
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favourites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we'll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
Writers Guild of America opposes Netflix-Warner Bros. deal
The Writers Guild of America has joined other Hollywood labour and industry groups to oppose the Netflix-Warner Bros. deal
The guild feels that the deal would eliminate jobs, reduce wages and raise prices for consumers.
“The world’s largest streaming company swallowing one of its biggest competitors is what antitrust laws were designed to prevent,” the guild said in a statement. “The outcome would eliminate jobs, push down wages, worsen conditions for all entertainment workers, raise prices for consumers, and reduce the volume and diversity of content for all viewers. Industry workers along with the public are already impacted by only a few powerful companies maintaining tight control over what consumers can watch on television, on streaming, and in theaters. This merger must be blocked.”
