Netflix to acquire Warner Bros in $72bn takeover

Netflix has agreed to buy Warner Bros Discovery film and TV studios business in a $72bn (£54bn) deal. The US streaming giant confirmed the deal yesterday after it had emerged as the frontrunner to buy the business, which owns franchises such as Harry Potter and Batman, following an auction process.

- CAITLIN HORNIK, JUSTIN BARAGONA

It had battled with Paramount Skydance and Sky owner Comcast to buy the studio business, which also runs HBO and fellow streaming service HBO Max. The deal could dramatically further reshape the established Hollywood film and TV industry, which has already faced significant upheaval amid the rapid growth of streaming.

Bosses at Netflix said they expect to maintain Warner Bros current operations and will continue to release films in cinemas.