- Netflix reaches agreements to acquire Warner Bros. Discovery for $81.7 billion
- The agreement could mean a major restructuring for film, television and streaming.
- The announcement hints that HBO Max titles will be available to Netflix subscribers
One of the biggest changes in the entertainment industry in decades looks set to take place, because Netflix and Warner Bros. Discovery have officially announced a deal for Netflix to acquire WBD for $82.7 billion.
If the deal goes through with the US government intervening, it would give Netflix access to Warner Bros. Discovery’s vast library of content, including the harry potter and DC Comics franchises. HBO Max and all HBO shows are included in the package.
This is a massive consolidation deal for the television and film industry, and will give Netflix control of one of the largest film studios in the world, as well as a stack of additional streaming content. Given the size of the companies, regulatory scrutiny is inevitable, but Netflix appears confident of overcoming those hurdles.
Netflix CEO Ted Sarandos says, ‘By combining Warner Bros.’ Incredible library of shows and movies, from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends, with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do even better. “Together, we can give audiences more of what they love and help define the next century of storytelling.”
WBD CEO David Zaslav says: “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention and shaped our culture. By joining Netflix, we will ensure that people around the world continue to enjoy the world’s most resonant stories for generations to come.”
What will happen to your streaming packages?
There’s still a way to go before this deal concludes, so you won’t wake up tomorrow to find CNN. Succession and Superman available for streaming through your Netflix subscription, but it will eventually mean that Netflix has the rights to everything it owns and will be available soon from Warner Bros. Discovery.
The plan to make the HBO Max library available to Netflix members seems clear. “By adding the extensive movie and television libraries and programming from HBO and HBO Max, Netflix members will have even more high-quality titles to choose from,” explains the official press release, which seems clear.
There have been fears that Netflix’s aversion to theatrical releases of its films would be a big problem if it acquires one of the biggest movie studios, but the statement states that ‘Netflix hopes to keep Warner Bros.’ current operations and leverage its strengths, including theatrical film releases.
Other bidders, including Comcast and Paramount, had been circling, and could have led to a very different end result in terms of the resulting cable and streaming packages, but Netflix won and will have a big impact on the streaming world, one way or another.
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