Netflix Announces Deal to Buy Warner Bros. Valued at $82.7 Billion

9 minutes ago

It's official: Netflix has agreed to buy Warner Bros. in a megadeal valued at $82.7 billion. The companies revealed the acquisition early Friday, altering the course of the entertainment business. Netflix said that it expects to maintain the current operations of Warner Bros. "including theatrical releases for films," though specifics aside from topline deal numbers remain scarce.

Transcript

00:00It's official. Netflix has agreed to buy Warner Bros. in a mega deal valued at $82.7 billion.

00:07The company's revealed the acquisition early Friday, altering the course of the entertainment

00:11business. Netflix said that it expects to maintain the current operations of Warner Bros.,

00:16including theatrical releases for films, though specifics aside from top-line deal numbers remain

00:21scarce. Co-CEO of Netflix Ted Sarandos said in a statement,

00:25Our mission has always been to entertain the world. By combining Warner Bros.' incredible

00:30library of shows and movies, from timeless classics like Casablanca and Citizen Kane,

00:35to modern favorites like Harry Potter and Friends, with our culture-defining titles like Stranger

00:40Things, K-pop Demon Hunters, and Squid Game, we'll be able to do that even better. Together,

00:45we can give audiences more of what they love and help define the next century of storytelling.

00:50And the president and CEO of Warner Bros. Discovery, David Zaslav, said in part,

00:54By coming together with Netflix, we will ensure people everywhere will continue to enjoy the

00:58world's most resonant stories for generations to come. In a memo to Warner Bros. Discovery staff

01:04today, Zaslav added, This decision reflects the realities of an industry undergoing generational

01:09change, and how stories are financed, produced, distributed, and discovered, and recognizes the

01:14strong, transformed company we are today, the significant value we have created, and the

01:19resilience and attractiveness that now position us in a rapidly evolving marketplace.

01:24Many in Hollywood are fearful of the deal, with theater owners group Cinema United saying in a

01:28statement overnight that the acquisition, quote, poses an unprecedented threat to the global exhibition

01:33business. The deal is also expected to face heavy regulatory scrutiny, but during a call with Wall

01:39Street analysts Friday morning, Sarandos said, This deal is pro-consumer, pro-innovation, pro-worker,

01:44it's pro-creator, it's pro-growth. And you know our plans here are to work really closely with all the

01:49appropriate governments and regulators, but we're really confident that we're going to get all the

01:53necessary approvals that we need. For much more on this story and all the latest updates,

01:58go to THR.com. This is The Hollywood Reporter News.

Netflix Announces Deal to Buy Warner Bros. Valued at $82.7 Billion | THR News Video

Category

Transcript

Be the first to comment

Recommended