Overview
- The agreement covers Warner Bros.’ film and TV studios plus HBO/HBO Max and is projected to close in 12–18 months, contingent on Warner Bros. Discovery spinning off its linear channels.
- Netflix told subscribers that both streaming services will continue operating independently with no immediate content changes while approvals are pursued.
- Major entertainment unions, including the WGA and SAG-AFTRA, criticized the merger’s potential impact on jobs and working conditions, with the WGA urging regulators to block it.
- Paramount alleges irregularities in the sale process and signals possible regulatory intervention, and reporting cites White House skepticism that could complicate approvals.
- Media reports say the deal includes a roughly $5.8 billion breakup fee if regulators block it, and shares fell for Netflix while WBD stock rose after the announcement.