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After a lengthy bidding war with Paramount, Netflix has announced it has agreed to a deal to purchase Warner Bros. and many of its subsidiaries–including Warner Bros. Games, HBO, and HBO Max–for $82.7 billion dollars, with the deal scheduled to close in 2026.
The announcement comes just hours after Netflix announced its bid had been accepted by Warner Bros. Discovery. Notably, Discovery is not included in the deal, as it will be spun off into a new company, Discovery Global, which will include CNN, TNT, Bleacher Report, and more.
If the deal does close as scheduled, Netflix will acquire the following properties:
- Warner Bros. Pictures
- Warner Bros. Television
- Warner Bros. Games
- DC Studios
- HBO
- HBO Max
- New Line Cinema
- TNT Sports (internationally)
According to Netflix’s official announcement, the “cash and stock transaction is valued at $27.75 per WBD share, with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion).” The announcement also says that the deal was “unanimously approved by the Boards of Directors of both Netflix and WBD,” and that “completion of the transaction is subject to required regulatory approvals, approval of WBD shareholders and other customary closing conditions.”
On the gaming front, Netflix stands to acquire Rocksteady Studios, TT Games, NetherRealm Studios, Avalanche Software, and more. As such, Mortal Kombat, the Lego DC franchise, and more will join the Netflix Games portfolio.
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