Netflix has won the massive bidding war to acquire Warner Bros.
On Friday morning (December 5), it was announced that the streaming company will gain control over Warner Bros.’ film and TV studios, as well as HBO and the streaming service HBO Max, in a massive deal valued at an estimated $82.7 billion.
Keep reading to find out more…In a press release obtained by Entertainment Weekly, Netflix said it will “maintain Warner Bros. current operations and build on its strengths, including theatrical releases for films.”
“Our mission has always been to entertain the world,” Netflix co-CEO Ted Sarandos shared. “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.”
Fellow co-CEO Greg Peters added that the deal is aimed at “giving our members more options” and “attracting more fans to our best-in-class streaming service.”
David Zaslav, who is the President and CEO of Warner Bros. Discovery, shared in an additional statement that “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.”
He also promised that “by coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
According to CNBC, the acquisition is expected to close in 12 to 18 months.
Warner Bros. Discovery put itself up for sale back in October. Find out what is now going to happen with all of the Warner Bros. movies and HBO Max streaming shows moving forward…