Netflix has agreed to acquire Warner Bros., including HBO and HBO Max, in a transaction valued at $82.7 billion. The deal combines Netflix’s global streaming leadership with Warner Bros.’ rich library of films and television series, such as The Wizard of Oz, Game of Thrones, and the DC Universe. Netflix will maintain Warner Bros.’ operations and theatrical release schedule while leveraging combined content for subscribers worldwide. The acquisition will close 12-18 months after the spin-off of Discovery Global, a new company housing WBD’s global networks and digital properties. Netflix projects $2-3 billion in annual cost synergies, with accretive GAAP earnings expected by year two. The deal also aims to enhance creative opportunities for talent working with Warner Bros.’ storied franchises.
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