Streaming giant Netflix has announced it will buy Warner Bros Discovery for nearly $83 billion (NZ$144b), making it the biggest entertainment deal in over ten years. This move means Netflix will own HBO Max and a huge collection of famous films and TV shows.
Warner Bros has created many well-known titles, from old classics like Casablanca to popular series such as Harry Potter, Game of Thrones, and The Sopranos. Netflix, known for hits like Stranger Things and Squid Game, says the deal will help them offer even more to viewers.
The deal still needs approval from government regulators, as experts worry it could give Netflix too much power in the movie and TV world. Some Hollywood figures, including director James Cameron, have raised concerns, especially about how Netflix limits cinema releases.
Both companies’ leaders praised the deal, calling it a new chapter in storytelling. The merger has been agreed to by both companies’ boards and is expected to be completed in the next 12 to 18 months.
This deal is even bigger than Disney’s $71 billion purchase of Fox in 2019. Netflix is working on getting large loans to pay for the deal, showing how serious it is about leading the entertainment industry.
