Netflix Wins Bidding War For Warner Bros. Discovery With $83 Billion Deal

Warner Bros. Discovery plans to continue with its previously planned break-up, which will involve spinning off its cable TV channels including CNN and TBS into a standalone business, leaving the remaining studios that make TV and movies and the company's streaming services to be acquired by Netflix for $27.75 per share. The companies expect the deal to close in the third quarter of next year. Netflix co-CEO Ted Sarandos said Friday that combining with Warner Bros. Discovery will help both companies "define ...