Warner Bros. Discovery put itself up for sale back in October and now Netflix has placed the winning bid, setting the stage for exclusive talks for the streamer to acquire the entertainment company.
Deadline is reporting that Netflix offered $28 per share while TheWrap is reporting that the streamer offered $30 per share.
Paramount and Comcast were also both in the running to acquire WBD, but the company has selected Netflix to move forward with negotiating a final deal.
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CNN reports that while Paramount wanted every piece of the WBD business, Netflix is only interested in the film studio and streaming assets.
So, what will this mean for Warner Bros. movies and HBO Max streamer?
Netflix has reportedly agreed to continue releasing all upcoming WB movies in theaters as planned to honor agreements made with filmmakers and actors. It’s unclear if the streamer would continue making theatrical movies under the WB name after that though.
While Netflix will become the new owner of HBO Max, it’s also unclear if the services will be combined or remain separate.
If Netflix does split up the WBD business, the Discovery Global half will continue forward with CNN and other cable channels.
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