Netflix to Acquire Warner Bros Discovery

Netflix has agreed to buy Warner Bros Discovery’s TV, film and streaming divisions for $72 billion.

The deal, announced on Friday, follows a weeks-long bidding war between Netflix and Paramount-Skydance.

Netflix said it expects to generate $2bn to $3bn in annual cost savings by the third year after the deal closes.

Warner CEO David Zazlav will step down once the merger is completed.

The acquisition gives Netflix ownership of major franchises including “Game of Thrones,” “DC Comics,” and “Harry Potter.”

Some film industry groups, including the Writers Guild of America, have criticised the deal, warning it could negatively affect workers and consumers. (Agencies)