LOS ANGELES/NEW YORK ¨C What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape.
Netflix announced on Friday it had reached a deal to buy Warner Bros. Discovery¡¯s TV, film and streaming division for $72 billion.
Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros. Discovery kicked off an auction on Oct. 21 after rejecting a trio of unsolicited offers from Paramount Skydance.
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