Reuters
[Photo Credit: Reuters]
Warner Bros Discovery (WBD.O), opens new tab has agreed to sell its iconic studio and streaming assets to Netflix (NFLX.O), opens new tab for $72 billion, in a move that will reshape Hollywood by creating a vertically integrated media powerhouse.
The deal caps a weeks-long bidding war with Paramount Skydance (PSKY.O), opens new tab and Comcast.
The media and entertainment industry is currently experiencing profound shifts, marked by intensified competition and a transition to streaming amid a declining traditional linear television business.
The media giant, which owns streaming service HBO Max, has a vast library of feature films, including franchises such as “Wonder Woman,” “Harry Potter” and “Batman.” Its studios include Warner Bros Motion Picture Group, DC Studios and Warner Bros Television Group.
The company’s total revenue for fiscal 2024 fell about 5% to $39.32 billion. The studios’ revenue declined 5% to $11.61 billion.
Warner Bros Pictures Animation began its journey with the iconic “Looney Tunes” in 1930 and has produced classics such as “The Iron Giant,” “The Lego Movie” franchise and “Happy Feet.”
The company’s direct-to-consumer unit, now named Streaming, includes the HBO Max and discovery+ streaming platforms and added 2.3 million net subscribers in the third quarter, reaching 128 million global subscribers, up 16% year over year.
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