Netflix Welcomes Warner Bros.

Merger Announcement: Netflix Acquires Warner Bros., Bolstering Streaming Dominance

In a message to subscribers, Netflix addressed its pending acquisition of Warner Bros., which includes film and TV studios, HBO Max, and HBO. The message outlines the streamer's intentions for the deal: to create a single streaming service combining franchises like Harry Potter with Stranger Things. Netflix, with over 300 million subscribers, is the world's largest streaming service, while Warner Bros.' streaming services, including HBO Max and Discovery, rank fourth with 128 million users. Paramount is fifth, with 78 million subscribers. According to the message, Netflix plans to allow Warner Bros. to continue operating as usual, including theatrical releases. Netflix has offered Warner Bros. a mix of cash and shares valued at $27.75 per share. This move follows earlier reports of Netflix's interest in acquiring Warner Bros., which is also facing a potential hostile takeover bid from Paramount Skydance, estimated at around $79.9 billion. Paramount, led by CEO David Ellison, submitted six proposals to Warner Bros. over a 12-week period, but Warner Bros. chose Netflix instead. Paramount's offer reportedly includes $30 cash per share and could involve investors such as Jared Kushner, along with funds from the Saudi Arabian and Qatari governments.

Merger Horizon: Netflix-Warner Bros. Megamix Unites Titans

By December 22, Warner Bros. must inform its shareholders if it considers Paramount's offer superior. If so, Netflix has the right to match or exceed it. Should Warner Bros. terminate the deal with Netflix, it would owe a $2.8 billion termination fee. The Netflix message acknowledges that both proposals raise antitrust concerns. It also states that the acquisition aims to merge leading entertainment services and unite franchises such as Harry Potter, Friends, The Big Bang Theory, Casablanca, Game of Thrones, and the DC Universe with Stranger Things, Wednesday, Squid Game, Bridgerton, and KPop Demon Hunters. The message also prepares subscribers for potential changes, including a possible price increase, although it notes that nothing will change immediately. Both streaming services will continue to operate separately pending shareholder and regulatory approval. Netflix anticipates the acquisition process will take 12 to 18 months. Netflix refers subscribers to a help page with information about the Warner Bros. acquisition.

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