Netflix to acquire Warner Bros. studio and streaming business for $72 billion

Netflix announced Friday it’s reached a deal to buy pieces of Warner Bros. Discovery, bringing a swift end to a dramatic bidding process that saw Paramount Skydance and Comcastalso vying for the legacy assets.

The transaction is comprised of cash and stock and is valued at $27.75 per WBD share, the companies said. That puts the equity value of the deal at $72 billion, with a total enterprise value of approximately $82.7 billion.

Netflix will acquire Warner Bros.' film studio and streaming service, HBO Max. Warner Bros. Discovery will move forward with its previously planned spinout of Discovery Global, which includes its massive portfolio of pay TV networks, such as TNT and CNN.

The blockbuster deal brings together the streaming giant Netflix, which has upended the media industry in recent years, and the storied Warner Bros. film studio, known for its library including "The Wizard of Oz," the Harry Potter franchise and the DC comics universe. It will also include the content of HBO Max, including "The Sopranos" and "Game of Thrones."

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