Netflix, Inc. and Warner Bros. Discovery (WBD) announced “a definitive” acquisition agreement between the two parties.
Under the deal, the streaming giant will buy Warner Bros.,
including its film and TV studios, HBO Max and HBO, for $82.7 billion.
In a joint statement on Thursday, the companies said the
cash-and-stock offer is priced at $27.75 per WBD share.
The entertainment firms said the deal is expected to close
after WBD completes the planned separation of its Global Networks division,
Discovery Global, into a new publicly listed company in the third quarter of
2026.
The companies said the acquisition will combine Netflix’s
global streaming reach with the long record of Warner Bros. in film and
television.
According to the companies, shows and films such as The Big
Bang Theory, Game of Thrones, The Sopranos, The Wizard of Oz and the DC
Universe will sit alongside Netflix’s catalogue, including Wednesday,
Bridgerton, Money Heist and Extraction.
Speaking on the deal, Ted Sarandos, Netflix co-chief
executive officer (CEO), said the move will help the company better entertain
viewers around the world, and define the next century of storytelling.
Sarandos said the combined libraries, from classics like
Casablanca to modern favourites like Harry Potter, will give audiences more
choice.
Greg Peters, Netflix’s other co-CEO, said the acquisition
will improve their offerings and accelerate the business for many years.
Peters said Netflix’s global presence will help introduce
Warner Bros.’ work to wider audiences and create more value for shareholders.
On his part, David Zaslav, CEO of WBD, said the agreement
brings unites two major storytelling companies and will deliver entertainment
to even more people.
Zaslav said Warner Bros. has shaped global culture for over
a century and the partnership will help keep its stories in front of audiences
worldwide.
The announcement comes as MultiChoice prepares to drop 11
television channels from its DStv platform on December 31, following the end of
its distribution agreement with Warner Bros.
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