00:00Netflix has announced the definitive purchase of Warner Bros. Discovery in a nearly $83 billion
00:08deal that includes HBO and HBO Max. The announcement comes after a months-long bidding war,
00:15with Paramount being the other frontrunner to obtain Warner Bros.
00:19The acquisition brings two of the industry's biggest players in film and TV under one roof,
00:25drastically altering the entertainment landscape. Netflix said the merger would
00:30optimize subscription plans for consumers and give them more titles to choose from.
00:35Still, the deal will draw significant antitrust scrutiny, with critics warning that consolidation
00:40across the industry will mean less variety of content and fewer choices for consumers down
00:46the road. The merger could also mean bad news for movie theaters and those who work in them.
00:51Cinema United, a trade association that represents more than 30,000 movie screens in the U.S.
00:58and another 26,000 screens internationally, said the deal and the streaming business model
01:03in general threatened the global theatrical exhibition business.
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