Netflix agrees to buy Warner Bros. in a $72-billion deal that will transform Hollywood - On This Day in History

Netflix agrees to buy Warner Bros. in a $72-billion deal that will transform Hollywood

Netflix has prevailed in its bid to buy Warner Bros., agreeing to pay $72 billion for the Burbank-based Warner Bros. film and television studios, HBO Max and HBO.

The two companies announced the blockbuster deal early Friday morning. The takeover would give Netflix such beloved characters as Batman, Harry Potter and Fred Flintstone

“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement. “By combining Warner Bros.’

Netflix's cash and stock transaction is valued at about $27.75 per Warner Bros. Discovery shares. Netflix also agreed to take on more than $10 billion in Warner Bros.

The breakthrough came earlier this week, after the three contenders — Netflix, Paramount and Comcast — submitted binding second-round offers.

Netflix's victory was assured by late Thursday, soon after another deadline for last-minute deal sweeteners.

Netflix and Warner's boards separately and unanimously approved the transaction.