Netflix agrees $83bn takeover of Warner Bros Discovery

Netflix has agreed an $82.7bn takeover of the studios and streaming businesses of Warner Bros Discovery, in a deal set to reshape Hollywood and create a new global entertainment powerhouse. Netflix’s deal with Warner would combine the largest global streaming service with its smaller rival as entertainment companies seek ways to add new subscribers and boost revenue with price increases. It gives more heft to Netflix, which has ascended from a DVD-by-mail rental business into a powerful force in Hollywood.