Overview
- Netflix will acquire Warner’s studio operations and HBO Max, while Warner’s linear TV networks, including CNN, are to be spun off into a separate company called Discovery Global.
- The offer values Warner at roughly $82.7–83 billion, with shareholders slated to receive $23.25 in cash plus $4.50 in Netflix stock per share.
- The companies say closing could take up to 18 months as U.S. competition authorities and the FCC review the transaction, and a White House official signaled skepticism.
- Paramount, now controlled by the Ellison family, was a rival bidder, and CNBC reported it may consider a direct appeal to Warner Bros. Discovery shareholders.
- Netflix executives said Warner films would continue to debut in theaters with faster streaming availability afterward, and they suggested Netflix subscribers could get cheaper access to HBO programming.