Mei Ri Jing Ji Xin Wen·2025-12-05 17:09Core Points - Netflix has agreed to acquire Warner Bros. Discovery's film and television studios, including HBO Max and HBO streaming services, for a total equity value of $72 billion and an enterprise value of approximately $82.7 billion [2][8] - This acquisition marks a significant strategic shift for Netflix, which has never undertaken such a large-scale merger before, moving from relying on licensed content to expanding its original content production [5][10] - The deal is expected to be completed within 12 to 18 months, pending regulatory approvals, and will involve $59 billion in debt financing from Wells Fargo, BNP Paribas, and HSBC [8] Financial Details - Warner Bros. shareholders will receive $23.25 in cash and $4.50 in Netflix common stock per share [2] - The merger is projected to achieve annual cost savings of at least $2 billion to $3 billion by the third full fiscal year [11] - Warner Bros. reported a 23% year-over-year decline in cable television revenue, attributed to subscriber losses and advertiser withdrawals [10] Strategic Implications - The acquisition will allow Netflix to take ownership of HBO's popular series library, including "Game of Thrones," and a vast film archive that includes franchises like "Harry Potter" and DC Comics [8][12] - Netflix plans to maintain Warner Bros.' existing operational methods and continue its focus on theatrical releases, addressing concerns from Hollywood about the future of cinema [10] - The merger is seen as a way for Netflix to enhance its competitive edge against rivals like Disney and Paramount by adding significant content assets [12]