By Dennis Ndlovu|Zim GBC News
Netflix has struck a deal to acquire the film and streaming divisions of Warner Bros Discovery for $72bn (£54bn), marking one of the most significant transactions in Hollywood’s recent history.
The streaming powerhouse beat out major competitors, including Comcast and Paramount Skydance, after an extended bidding contest to secure the purchase.
Warner Bros controls globally recognised franchises such as Harry Potter and Game of Thrones, alongside its streaming platform HBO Max.
The merger is expected to create a formidable new player in global entertainment, though it remains subject to approval from antitrust regulators.
Industry groups, among them the Writers Guild of America, have expressed concern over the agreement, warning that it could harm both creative workers and audiences.
Netflix co-chief executive Ted Sarandos told BBC News that the company was highly confident regulators would clear the transaction, adding that the platform was moving full speed toward completion.
Sarandos said combining Warner Bros’ vast catalog of films and series with Netflix’s original hits like Stranger Things would allow the company to broaden its offering and help define the next century of storytelling.
“Warner Bros shaped the last century of entertainment, and together we can shape the next,” he added.
Responding to questions about HBO’s future as a standalone service, co-chief executive Greg Peters noted that Netflix recognised the HBO brand’s value, while cautioning.
“It’s still too early to discuss exactly how we’ll customise this experience for consumers.”
The company expects to generate between $2bn and $3bn in cost savings, largely by removing duplication in technology and operational support across both firms.
Netflix stressed that Warner Bros films will continue to debut in cinemas, and its television studio will remain free to produce content for other distributors, while Netflix will continue to focus on exclusive programming for its own platform.
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