Netflix to acquire Warner Bros Discovery in $28-per-share deal

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Streaming giant Netflix has emerged as the top bidder to buy TV and film group Warner Bros Discovery in a deal valued at $28 per share, according to US media reports.

The parent company of HBO, CNN, and the Warner Bros film studio officially put itself up for sale in October after receiving multiple unsolicited offers, setting aside a planned split into two separate entities — one focused on streaming and studios, the other on traditional cable networks.

Warner Bros Discovery was originally targeted by Paramount — recently acquired by the billionaire tech family of Oracle founder Larry Ellison, one of the world’s richest men.

According to Bloomberg, Netflix joined Paramount Skydance and Comcast, the owner of NBCUniversal, in a second round of an auction that was being negotiated throughout the US Thanksgiving holiday.

Paramount also submitted a bid close to $27 a share on Thursday, CNN reported, citing an unnamed source.

Bloomberg reported Thursday that Netflix and Warner Bros Discovery had entered exclusive talks for the company’s TV and film studios and streaming service HBO Max.

Netflix, the world’s largest streaming service with over 280 million subscribers globally, is working on a bridge loan totaling tens of billions of dollars to finance its potential acquisition, according to sources cited by Bloomberg.

The deal would bulk up Netflix’s already considerable content production capabilities and secure premium assets like HBO and Warner Bros studios.

It would also likely face scrutiny by antitrust authorities in the United States and potentially in other major markets.

Top Hollywood players have voiced their preference to see Warner Bros not end up in the hands of Netflix, citing concerns that the streaming company largely seeks to limit theatrical releases of its film productions.

“Titanic” director James Cameron told podcast “The Town” recently that a takeover of Warner Bros by Netflix would be “a disaster.”

Netflix and Warner Bros Discovery did not immediately respond to AFP’s requests for comment.

AFP

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