Netflix agreed to buy Warner Bros. Discovery's film and TV studios, HBO, and HBO Max in a cash-and-stock transaction worth $82.7 billion, including $72 billion in equity and over $10 billion in debt. Shareholders receive $27.75 per share, split between cash and Netflix stock, with the deal pending regulatory approval and expected to close in 12 to 18 months after a spin-off of cable networks like CNN and TNT. Leaders from both sides praised the move for advancing storytelling, promising $2-3 billion in annual savings, though antitrust concerns from U.S. and European regulators could pose challenges. Fans anticipate crossovers like Stranger Things with DC, while one quip wonders about Animaniacs' new home.
