Netflix Inc. has acquired Warner Bros. Discovery Inc.
The streaming giant announced the acquisition, which includes film and television studios, HBO Max and HBO, Friday morning.
“Our mission has always been to entertain the world,” Netflix co-CEO Ted Sarandos said in a press release. “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 that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
Improving what Netflix has to offer is important as Greg Peters, co-CEO of Netflix, said, “This acquisition will improve our offering and accelerate our business for decades to come.”
“Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders,” he added.
The cash and stock transaction is worth $27.75 per WBD share with a total enterprise value of about $82.7 billion.
This acquisition is a marriage of two pioneering entertainment businesses with Netflix’s innovation, global reach and streaming service with Warner Bros.’ century-long legacy of storytelling.
