Netflix, once the streaming underdog in the world of television and movies, is buying Warner Bros. Discovery (WBD) in a $US82.7 billion deal including film and television studios, HBO Max and HBO.
The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company.
The deal brings together a lot of landscape considered safe advertising territory for brands, including adding HBO Max streaming platform to Netflix’s own growing ad-supported subscriptions and its 190 million users..
Shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction.
“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 favorites 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.”
David Zaslav, President and CEO of Warner Bros. Discovery, said the deal combines two of the greatest storytelling companies in the world.
“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.”
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