Netflix announced on Friday (5) the acquisition of the TV and film studios and the streaming division of Warner Bros Discovery for $72 billion, according to Reuters. The deal ends a dispute that stretched for weeks and places one of Hollywood’s most traditional groups back under the control of the company that revolutionized the streaming market.
Netflix’s offer — about $28 per share — surpassed the Paramount Skydance proposal, which had offered nearly $24 per share to acquire the entire company, including units that will be spun off into a new business. The day before, Warner Bros Discovery shares closed at $24.50, valuing the company at approximately $61 billion.
The incorporation of globally appealing franchises like Game of Thrones, DC Comics, and Harry Potter represents a milestone for the sector and bolsters Netflix’s competitive edge against rivals like Disney and Paramount. The platform’s co-CEO, Ted Sarandos, celebrated the agreement, stating: “Together, we can offer even more of what audiences love and help shape the next century of storytelling.”
Experts note that Netflix aims to secure long-term rights to high-impact productions, reduce reliance on external studios, and diversify into segments like gaming. However, the deal is likely to face intense scrutiny from antitrust authorities in the United States and Europe, as it puts the world’s largest streaming service in charge of a competitor with nearly 130 million subscribers and owner of HBO Max.
Paramount — led by David Ellison and with ties to the U.S. President Donald Trump’s administration — questioned the sale process in a letter sent this week, alleging preferential treatment for Netflix during negotiations.
To address concerns over market concentration, Netflix argued in discussions that integrating its platform with HBO Max could lead to lower prices for consumers, according to Reuters. The company also assured Warner Bros Discovery that it will continue releasing studio productions in theaters, a move to dispel fears that the deal could reduce film offerings in cinemas.
The agreement, structured in cash and stock, stipulates that each Warner Bros Discovery shareholder will receive $23.25 in cash and about $4.50 in Netflix shares, valuing Warner shares at $27.75 each. Including debt, the transaction totals $82.7 billion. In pre-market trading, Netflix shares fell nearly 3%, while Paramount dropped 2.2%.
The deal’s completion depends on the spin-off of the global channels unit, Discovery Global, which will become an independent company in the third quarter of 2026. Netflix estimates annual savings of between $2 billion and $3 billion starting from the third year after full operational integration.
Fonte: brasil247.com