Netflix to buy Warner Bros Discovery's studio & streaming for $72B, reshaping media

• Netflix is acquiring Warner Bros Discovery's TV and film studios and streaming division for $72 billion.
• The acquisition includes major franchises such as 'Game of Thrones', 'DC Comics', and 'Harry Potter'.
• The deal is expected to face significant antitrust scrutiny in both Europe and the US.
• Netflix outbid Paramount Skydance and aims to secure long-term content rights, reducing reliance on external studios.
• The transaction is a cash-and-stock deal, valuing Warner Bros Discovery at $27.75 per share, and is projected to close in Q3 2026 after a WBD spinoff.

Why It Matters: Netflix buying WBD fundamentally alters the global media and streaming landscape.