Well, it's official. Netflix has announced that it has entered into a "definitive agreement" with Warner Bros. Discovery to acquire Warner Bros., including its film and television studios, HBO Max and HBO.
The sale, which still needs to pass through regulatory processes, is valued at $82.7 billion (with an equity value of $72.0 billion). In a press release, it's said that the acquisition "brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling."
It also specifically highlights franchises like The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz, and the DC Universe, all of which will "join Netflix’s extensive portfolio."
You can read the full press release here. It sheds some light on what exactly this means for Warner Bros., including that Netflix "expects" to maintain the studio's current operations and build on its strengths, including theatrical releases for films. HBO and
HBO Max titles will be added to Netflix, presumably meaning the rival streaming platform's days are numbered.
The streamer also touts plans to expand production in the U.S. and grow investment in original content, and believes this acquisition will create a stronger entertainment industry by "offering more opportunities to work with beloved intellectual property, tell new stories and connect with a wider audience than ever before."
Ted Sarandos, co-CEO of Netflix, said, "Our mission has always been to entertain the world. 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," he concluded, with Greg Peters, co-CEO of Netflix, chiming in to say, "This acquisition will improve our offering and accelerate our business for decades to come."
David Zaslav, President and CEO of Warner Bros. Discovery, added. "Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most."
"For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come."
So, Netflix will now own one of Hollywood's oldest movie studios, giving the company the biggest streaming platform on the planet and the opportunity to dominate the theatrical landscape through Warner Bros. Pictures.
Netflix has haemorrhaged content since studios like Warner Bros., Paramount, and Disney have launched their own streaming services, but it now has countless new movies and TV shows to offer subscribers.
What does this mean for DC Studios? That remains to be seen, but Netflix might not be as willing as Zaslav when it comes to giving James Gunn and Peter Safran the freedom they currently seem to be enjoying. Heck, perhaps the company will even #RestoreTheSnyderVerse...