After days of speculation, Netflix has announced that it is acquiring Warner Bros from its parent company, Warner Bros Discovery.
The total value of the deal stands at $82.7 billion, with an equity value of $72.0 billion.
Netflix co-CEO Ted Sarandos has said in a statement that the company aims to expand global entertainment.
“Our mission has always been to entertain the world. Together, we can give audiences more of what they love and help define the next century of storytelling,” he says.
Warner Bros Discovery President and CEO David Zaslav highlighted the long legacy of the studio and its future with Netflix.
“For more than a century, Warner Bros has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
Netflix co-CEO Greg Peters also commented on the future of the partnership.
“Warner Bros has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create, give our members more options, attract more fans to our streaming service, strengthen the entertainment industry and create more value for shareholders,” he stated.
Warner Bros Discovery announced the sale of Warner Bros in October and invited bids from interested buyers.
According to foreign media reports, the list of potential buyers included Paramount, through a bid led by David Ellison, the son of Oracle founder Larry Ellison.
Larry lost the bid, despite pleading to the White House to step in.