财联社·2025-12-05 15:07Core Viewpoint - Netflix has agreed to acquire Warner Bros. Discovery's film and television studios, along with its HBO Max and HBO streaming services, marking a significant shift in its strategy towards large-scale mergers and acquisitions [1][3][5]. Group 1: Acquisition Details - The acquisition involves Warner Bros. Discovery shareholders receiving $23.25 in cash and $4.50 in Netflix common stock per share, valuing the equity at $72 billion and the enterprise value at approximately $82.7 billion [1][3]. - The deal is expected to be completed within 12 to 18 months, pending the separation of Warner Bros. Discovery's news division into an independent publicly traded company, "Discovery Global" [3]. Group 2: Strategic Implications - This acquisition will make Netflix the owner of HBO and its extensive library of popular series, including "Harry Potter" and "Friends," significantly enhancing its content portfolio [5]. - Netflix's co-CEO, Ted Sarandos, emphasized the goal of delivering more beloved content to audiences and shaping the narrative landscape for the next century [5]. Group 3: Financial Projections - The combined companies are projected to achieve annual cost savings of at least $2 to $3 billion starting in the third year post-acquisition [6]. - Netflix plans to maintain Warner Bros. Discovery's existing operations and continue to develop its strengths, including theatrical releases, which have been a concern for Hollywood [6]. Group 4: Market Context - The acquisition comes as traditional television businesses face significant declines, with Warner Bros. Discovery's cable network revenue dropping by 23% in the last quarter due to subscriber churn and advertisers shifting away [3]. - The competitive landscape is highlighted by Netflix's assertion that its main competitor is YouTube, owned by Alphabet, rather than other streaming services [6].