A visitor walks past portraits of DC Comics superheroes as she enters the “Action and Magic Made Here” interactive experience at the Warner Bros. Studio Tour Hollywood media preview on June 24, 2021, in Burbank, Calif.
Chris Pizzello/Invision/AP
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Chris Pizzello/Invision/AP
NEW YORK โ Netflix has struck a deal with Warner Bros. Discovery, the legacy Hollywood giant behind “Harry Potter” and “Friends,” to buy its studio and streaming business for $72 billion.
The acquisition would bring two of the industry's biggest players in film and TV under one roof and alter the entertainment industry landscape. Beyond its namesake television and motion picture division, Warner owns HBO Max and DC Studios. And Netflix is ubiquitous with on-demand content and has built its own production arm to release popular titles, including “Stranger Things” and “Squid Game.”
“For more than a century, Warner Bros. has thrilled audiences, captured the world's attention, and shaped our culture,” David Zaslav, CEO of Warner Bros. Discovery, said in a statement Friday. “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come.”
The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of approximately $82.7 billion. The transaction is expected to close in the next 12 to 18 months โ after Warner completes its previously-announced separation of its cable operations. Not included in the deal are networks like CNN and Discovery.
The bid will draw tremendous antitrust scrutiny. Beyond TV and…