Netflix has reached a $72 billion deal to acquire Warner Bros. Discovery’s film and television studios, along with its streaming division, marking a major shift in the global entertainment landscape.
The deal, announced Friday, puts Netflix in control of one of Hollywood’s oldest and most influential studios.
READ ALSO: Five skills that make you irreplaceable at work
The deal comes after weeks of competitive bidding, with Netflix stepping up with an offer of nearly $28 a share, higher than Paramount Skydance’s nearly $24 offer for all of Warner Bros. Discovery, including its expectedly spun-off cable networks.
Shares of Warner Bros. Discovery closed at $24.5 on Thursday, valuing the company at about $61 billion.
By purchasing the headquarters of major franchises such as “Game of Thrones,” “DC Comics” and “Harry Potter,” Netflix strengthens its position in the industry as it continues to challenge rivals such as Walt Disney and the Ellison family-backed Paramount.
NIGERIAN TRIBUNE