Overview
- Netflix agreed to buy Warner Bros. Discovery’s film and television studio and HBO assets for about $82.7 billion, gaining a century-old library and franchises such as Harry Potter and DC’s Batman and Superman.
- The companies project a 12–18 month timeline to close, contingent on WBD first spinning off its cable networks including CNN, TBS and TNT Sports and on regulatory clearance in the U.S. and Europe.
- Netflix told subscribers there will be no immediate changes and that both streaming services will continue to operate separately until the transaction is completed.
- Netflix said it intends to keep Warner Bros. operations in place and to continue releasing films in theaters.
- Entertainment unions and talent groups called for the deal to be blocked or conditioned over concerns about jobs, wages and content diversity, and some actors criticized its potential impact on the theatrical experience.