Netflix to buy Warner Bros. Discovery's studios, streaming unit for $72B

NETFLIX on Friday agreed to buy Warner Bros.

- 

Discovery’s (WBD) TV, film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood’s most prized and oldest assets to the streaming pioneer.The deal represents a dramatic plot twist for Netflix, which rewrote the Hollywood script, upending how and when consumers watch movies and television shows. Suddenly, it has become the thing it disrupted — a mainstream studio.

“I knowsome of youare surprised that we're making this acquisition — and I certainly understand why,” Netflix Co-Chief Executive Officer Ted Sarandos said on a call with investors. “Over the years, we have been known as builders, not buyers... but this is a rare opportunity that’s going to help us achieve our mission to entertain the world, and bring people together through great stories.”