Major Deal

Netflix agreed to purchase Warner Bros. Discovery's film studio, television production, and streaming operations for $72B.

Context

Warner Bros. Discovery had announced plans in June to split itself into two companies, separating its cable networks, such as CNN and Discovery Channel, from its more valuable studio and streaming assets. The company then put those studio and streaming assets up for sale, triggering a multi-week bidding war among Netflix, Comcast, and Paramount.

Deal Details

Under the agreement announced on Friday, each Warner Bros. Discovery shareholder would receive $23.25 in cash and approximately $4.50 in Netflix stock per share.