Netflix, Warner Bros Strike $72 Billion Deal
Manama: In a landmark move for the entertainment industry, Netflix has decided to purchase Warner Bros Discovery’s film and streaming units for $72bn (£54bn or 27bn BHD).
“I know some of you are surprised that we're making this acquisition and I certainly understand why,” Netflix Co-CEO Ted Sarandos said. “Over the years, we have been known as builders, not buyers. But this is a rare opportunity that's going to help us achieve our mission to entertain the world and bring people together through great stories.”
Sarandos stated that together the companies will “define the future of storytelling for the next century,” referencing his previous comment that Netflix’s ambition was “to become HBO quicker than HBO can become us.”
The deal will bring together iconic franchises such as Looney Tunes, Harry Potter, and Friends, along with HBO favorites like Succession, Sex and the City and Game of Thrones, alongside Netflix originals including Stranger Things and KPop Demon Hunters.
Netflix hopes to complete the deal in 18 months after getting approval from competition regulators in the US and Europe.
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