Less than two months after it went on the auction block, massive media company Warner Bros. Discovery has found a buyer, and it is massive media company Netflix. The streaming giant has agreed to pay $82.7 billion for Warner in a deal the companies say will provide "more choice and greater value for consumers," and "a stronger entertainment industry" for America.
Well, sure: That sounds a lot better than "media consolidation is going to make a few of us even richer and a lot of you even poorer," after all. But that is what we're looking at here. Once closed, the deal will give Netflix, a massive, multi-billion-dollar streaming and production company, control of just about everything in the Warner stable, including its film, television, and game studios, HBO and HBO Max and all their properties, and the whole of the DC Universe.
"Our mission has always been to entertain the world," Netflix co-CEO Ted Sarandos said. "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."
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