Streaming giant Netflix has secured the winning bid in the race to buy Warner Bros. Discovery, according to Deadline. The outlet confirms Netflix has made the highest, and so far the winning bid for the legendary company, which will give them the rights to the company’s film and television studio, as well as the HBO Max streaming service. The publication said Netflix offered around $28 a share, mostly in cash, to seal the deal. Netflix will now have exclusive talks to finalize a deal. Paramount had also been involved in the fierce bidding war, after making three consecutive offers to buy the Hollywood icon since October. Variety said Paramount’s CEO David Ellison had offered an all-cash deal for their entire company. Comcast had also bid to acquire the studio and streaming businesses. The deal will mean Netflix gets the rights to the Warner Bros. library and its intellectual property, which includes DC Studios comic creations, the Harry Potter franchise, HBO dramas including Game of Thrones and over 100 years of films from the studio. Bloomberg reports Netflix has factored in a $5 billion breakup fee if the deal is not approved by regulators.
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