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Netflix agreed to buy Warner Bros. Discovery in a $72 billion deal, the streaming service announced on Friday.
As part of the deal, Netflix will acquire Warner Bros. Discovery’s film and television studios and streaming platform, HBO Max. Franchises, shows and movies such as “The Big Bang Theory,” “The Sopranos,” “Game of Thrones,” “The Wizard of Oz” and the DC Universe will join Netflix’s extensive portfolio.
The cash-and-stock deal is valued at $27.75 per Warner Bros. Discovery share and has an enterprise value of $82.7 billion.
“This acquisition will improve our offering and accelerate our business for decades to come,” Netflix co-CEO Greg Peters said. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities.”
This is a developing story. Check back for updates.