With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
Netflix agrees to buy Warner Bros in $83 billion deal to create massive streaming empire
The Netflix logo is seen on top of their office building in Hollywood
(
Chris Delmas
/
AFP via Getty Images
)
We have a winner in the bidding war for Warner Bros-Discovery.
Netflix is in final talks to buy Warner's film and TV studios, plus its streaming assets and some debt, in a deal worth nearly $83 billion.
In a statement Friday, Netflix said the two entertainment giants had "entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO." The announcement caps what had been a closely watched bidding war in Hollywood that involved top competitor Paramount.
The deal would be valued at $82.7 billion, or an "equity value of $72.0 billion," the streaming giant said.
Sponsored message
“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement. “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.”
The deal would give Netflix one of Hollywood's most valuable libraries, including the Harry Potter, Game of Thrones, and the DC Comics properties.
-
Salvador Plasencia was sentenced to federal prison for his role in the overdose death of actor Matthew Perry. -
A new report finds enrollment in transitional kindergarten is rising in L.A. County, but community preschools are closing. -
The region currently spends 90% of HUD dollars on permanent housing, but the feds capped it at 30%.
The Directors Guild of America told Variety that the deal "raises significant concerns."
“The news that Netflix had secured exclusive rights to negotiate for WBD raises significant concerns for the DGA,” the guild said. “We believe that a vibrant, competitive industry — one that fosters creativity and encourages genuine competition for talent — is essential to safeguarding the careers and creative rights of directors and their teams."
For its part, Netflix said in it's statement that it "expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films."
The deal still has to clear regulatory and other hurdles, and would likely take around a year to close.
At LAist, we focus on what matters to our community: clear, fair, and transparent reporting that helps you make decisions with confidence and keeps powerful institutions accountable.
Your support for independent local news is critical. With federal funding for public media gone, LAist faces a $1.7 million yearly shortfall. Speaking frankly, how much reader support we receive now will determine the strength of this reliable source of local information now and for years to come.
This work is only possible with community support. Every investigation, service guide, and story is made possible by people like you who believe that local news is a public good and that everyone deserves access to trustworthy local information.
That’s why we’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Thank you for understanding how essential it is to have an informed community and standing up for free press.
Your support for independent local news is critical. With federal funding for public media gone, LAist faces a $1.7 million yearly shortfall. Speaking frankly, how much reader support we receive now will determine the strength of this reliable source of local information now and for years to come.
This work is only possible with community support. Every investigation, service guide, and story is made possible by people like you who believe that local news is a public good and that everyone deserves access to trustworthy local information.
That’s why we’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Thank you for understanding how essential it is to have an informed community and standing up for free press.
Senior Vice President News, Editor in Chief
