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Netflix to buy Warner Bros. film and streaming assets in $72 billion deal

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Netflix to buy Warner Bros. film and streaming assets in  billion deal


Netflix announced Friday it’s reached a deal to buy pieces of Warner Bros. Discovery, bringing a swift end to a dramatic bidding process that saw Paramount Skydance and Comcast also vying for the legacy assets.

The transaction is comprised of cash and stock and is valued at $27.75 per WBD share, the companies said. That puts the equity value of the deal at $72 billion, with a total enterprise value of approximately $82.7 billion.

Netflix will acquire Warner Bros.’ film studio and streaming service, HBO Max. Warner Bros. Discovery will move forward with its previously planned spinout of Discovery Global, which includes its massive portfolio of pay TV networks, such as TNT and CNN.

The blockbuster deal brings together the streaming giant Netflix, which has upended the media industry in recent years, and the storied Warner Bros. film studio, known for its library including “The Wizard of Oz,” the Harry Potter franchise and the DC comics universe. It will also include the content of HBO Max, including “The Sopranos” and “Game of Thrones.”

“I know some of you’re surprised that we’re making this acquisition, and I certainly understand why. Over the years, we have been known to be builders, not buyers,” Netflix co-CEO Ted Sarandos said on an investor call Friday morning.

“We already have incredible shows and movies and a great business model, and it’s working for talent, it’s working for consumers and it’s working for shareholders. This is a rare opportunity,” he said. “It’s going to help us achieve our mission to entertain the world and to bring people together through great stories.”

Netflix’s initial bid for WBD’s studio and streaming assets was for $27 a share, according to a person familiar with the matter. That trumped Paramount’s offer at the time and turned the trajectory of the sales talks in Netflix’s direction, said the person, who asked not to be named because the discussions were private.

The acquisition is expected to close after the TV networks separation takes place, now expected in the third quarter of 2026. The companies estimated the transaction would close in 12 to 18 months.

CNBC has reached out to Comcast and Paramount for comment.

As part of the deal, every Warner Bros. Discovery shareholder will receive $23.25 in cash and $4.50 in shares of Netflix common stock for each share of WBD common stock outstanding following the close of the deal.

Netflix and Warner Bros. Discovery said each of their boards of directors unanimously approved the deal, which is subject to regulatory approval as well as approval of WBD shareholders.

Netflix has agreed to pay a $5.8 billion reverse break-up fee if the deal is not approved, according to a Securities and Exchange Commission filing. Warner Bros. Discovery would pay a $2.8 billion breakup fee if it decides to call off the deal to pursue a different merger.

Edging out Paramount

The merger could invite regulatory scrutiny given the size of the expansive streaming businesses for each company. Netflix said it surpassed 300 million global streaming subscribers at the end of 2024, the last time it publicly reported its customer count. Warner Bros. Discovery said it had 128 million global subscribers as of Sept. 30.

Paramount raised the potential for antitrust concerns earlier this week in a letter to Warner Bros. Discovery management as second-round bids came in, The Wall Street Journal reported.

The newly merged Paramount Skydance made its initial run at Warner Bros. Discovery in September, submitting three bids before WBD launched a formal sale process. The David Ellison-run company was the only suitor bidding for the entirety of WBD’s portfolio — the film studio, streaming business and TV networks.

Paramount’s final bid, received Thursday evening, was for $30 per share, all cash, people close to the matter told CNBC, speaking on the condition of anonymity about confidential dealings. Paramount’s offer included a $5 billion breakup fee if the transaction didn’t win regulatory approval after roughly 10 months, the people said.

Earlier this week, Paramount raised questions about the “fairness and adequacy” of the sale process, contending Warner Bros. Discovery favored Netflix.

“It has become increasingly clear, through media reporting and otherwise, that WBD appears to have abandoned the semblance and reality of a fair transaction process, thereby abdicating its duties to stockholders, and embarked on a myopic process with a predetermined outcome that favors a single bidder,” Paramount attorneys said in a letter to Warner Bros. Discovery management.

— CNBC’s David Faber, Kasey O’Brien and Laya Neelakandan contributed to this report.

Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.



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Fare relief move: Air India waives change, cancellation fees on domestic bookings after IndiGo disruption – The Times of India

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Fare relief move: Air India waives change, cancellation fees on domestic bookings after IndiGo disruption – The Times of India


Five days after widespread flight disruptions triggered by IndiGo cancellations, Tata Group-owned Air India on Saturday announced a special waiver on change and cancellation charges for eligible domestic bookings, aiming to offer relief to affected travellers, PTI reported.The airline said customers who booked tickets on Air India or its subsidiary Air India Express on or before December 4 for travel up to December 15 can make a one-time change or cancellation without paying the usual fee, provided the request is made by December 8, 2025. In case of rescheduling, any fare difference will still be applicable.

Aviation Meltdown Forces DGCA To Roll Back Weekly Pilot Rest Norm After IndiGo Cancellations

Under the waiver, passengers can either reschedule their journeys to a later date within the validity of the purchased ticket without paying rescheduling charges or cancel their bookings and receive a full refund, with no cancellation fee applied, the airline said.Air India also said it, along with Air India Express, has “proactively” capped economy-class airfares on non-stop domestic routes from December 4 to prevent price spikes driven by automated demand-supply algorithms. The carriers are also in the process of ensuring compliance with the latest directive issued by the Civil Aviation Ministry on airfare caps.





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Volkswagen capex recalibration: Automaker pares 2030 investment to $186 bn; China, US headwinds grow – The Times of India

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Volkswagen capex recalibration: Automaker pares 2030 investment to 6 bn; China, US headwinds grow – The Times of India


Volkswagen Group plans to invest €160 billion ($186 billion) through 2030, a scaled-down outlay that reflects tightening capital allocation as Europe’s largest automaker grapples with mounting pressure in its two biggest markets — China and the United States, Reuters reported.The investment figure, announced by Volkswagen CEO Oliver Blume, is part of the company’s rolling five-year capital expenditure plan, which is updated annually. The latest commitment compares with €165 billion earmarked for 2025–2029 and €180 billion for 2024–2028, with 2024 marking the peak year for spending.Since that peak, the group — which houses brands such as Porsche and Audi — has been squeezed by higher costs and weaker margins, hit by US tariffs on imported vehicles and intensifying competition in China. The strain has been felt most acutely at Porsche, which derives nearly half of its sales from the US and China combined.Porsche recently unveiled a significant rollback of its electric vehicle strategy as profits came under pressure. Speaking to Frankfurter Allgemeine Sonntagszeitung, Blume said the focus of the latest investment plan was firmly “on Germany and Europe,” particularly in products, technology and infrastructure.Blume added that discussions on an extended savings programme at Porsche are expected to continue into 2026. He also said he does not expect Porsche to grow in China, though localising production across the wider Volkswagen group remains an option. A China-specific Porsche model could make sense at some point, he said.On Audi, Blume noted that any decision on building a manufacturing plant in the United States would depend on whether Washington offers substantial financial support.Blume, who will step down as Porsche CEO in January to concentrate fully on running Volkswagen Group, said his recent contract extension as Volkswagen chief executive until 2030 signalled continued backing from the Porsche and Piëch families as well as the German state of Lower Saxony, the company’s largest shareholders.“But it is true, of course, that shareholders have suffered losses since Porsche went public three years ago. I, too, must face up to this criticism,” he said.





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How IndiGo Managed To Hold A Country Of 1.4 Billion People Hostage, Forced Govt To Bend Rules | Analysis

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How IndiGo Managed To Hold A Country Of 1.4 Billion People Hostage, Forced Govt To Bend Rules | Analysis


At a time when most Indian airlines are posting losses, IndiGo stands out as the only profitable carrier. Yet, while loss-making airlines managed to comply with DGCA directives within the allotted 18-month period, the one airline turning a profit failed to do so. The DGCA had provided ample time for compliance and workforce planning. But while others focused on meeting regulatory requirements, IndiGo appeared to pursue a different strategy—creating disruption to pressure the government. Incredibly, this approach worked: instead of imposing penalties, the government chose to relax the norms.

Aviation expert Harsh Vardhan squarely called this entire crisis a failure of IndiGo’s management. He said this is an extremely unprecedented situation. Passengers have been suffering for three days, and this is the peak tourist, wedding, and business season. IndiGo’s claim that the new FDTL policy suddenly created problems is nothing but a management failure. The policy wasn’t introduced overnight—it was formulated over years of deliberation and was finalised a year ago.

Harsh Vardhan reminded that the soft launch of the FDTL took place on July 1, 2025, and it was fully implemented from November 1, 2025. Other operators like Air India and SpiceJet made timely adjustments, which is why no major crisis emerged there. What surprises him most is the timing—if the policy was effective from November 1, why did this sudden “rampage” begin only a month later, at the start of December?

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“The Government of India has decided to institute a high-level inquiry into this disruption. The inquiry will examine what went wrong at Indigo, determine accountability wherever required for appropriate actions, and recommend measures to prevent similar disruptions in the future, ensuring that passengers do not face such hardships again,” said the Ministry of Civil Aviation in a statement.

No one knows what will come out of the inquiry but, interestingly, IndiGo got rewarded for its blackmailing,  instead of getting punished as the government relaxed norms. 

Due to the IndiGo induced turbulence, the airfare on key routes touched Rs 80,000 to Rs 90,000. IndiGo didn’t merely cancel flights—it brought the system to a standstill, grounding aircraft, showcasing its clout, and effectively challenging the government to respond. Instead of asserting its authority, the NDA government backed down and rolled back its own directive. Through deliberate mismanagement, the airline pushed the system toward chaos. The suspension of over a thousand IndiGo flights severely disrupted the economy, sending hotel prices and ticket fares on other airlines soaring.

“The central government has ordered a probe and refunds—but the question is: when the monopoly of private companies and the government’s silence come together, who will protect the common people? Who are you working for? The public or the interests of big corporate houses?” Former Delhi Dy CM Manish Sisodia rightly questioned the government.

Shockingly, a country of 1.4 billion people relies primarily on just two major domestic carriers—IndiGo and Air India. IndiGo’s dominance is so significant that even Leader of the Opposition Rahul Gandhi publicly criticised the government for its oversight failures. “IndiGo fiasco is the cost of this Govt’s monopoly model. Once again, it’s ordinary Indians who pay the price – in delays, cancellations and helplessness. India deserves fair competition in every sector, not match-fixing monopolies,” said Gandhi. 

For two decades, successive governments have allowed major airlines to collapse instead of restructuring them under new ownership. Jet Airways and Kingfisher Airlines are prime examples: both could have been revived by removing problematic promoters, yet no institutional mechanism was activated. The pattern repeated itself with Go First. When three airlines vanish in a decade, it signals not merely corporate failures but a systemic unwillingness to safeguard competition and consumer interest, wrote Prashant Tewari, public policy expert, mentioned in a recent report in The Pioneer.

Today, IndiGo controls over half of India’s domestic aviation market, with the Air India group holding most of the remainder. Smaller airlines operate on the margins, too weak to influence pricing or service standards.

Tewari wrote that disappearance of three airlines within years show government’s failure of protecting competition and consumer interest. 

This duopoly-like environment has suffocated passengers: airfares on busy domestic routes routinely exceed those for comparable distances in Europe, Southeast Asia, or even the United States. A two-hour flight within India can cost more than a four-hour international journey elsewhere.

“IndiGo airline fiasco shows that Modi govt is either incompetent or in collusion. In either case, India deserves better. People have never suffered so much,” said Former Delhi CM and AAP convener Arvind Kejriwal.

For years, India’s aviation sector has needed at least eight to ten robust operators to foster true competition, stabilise fares, and minimise disruptions. Instead, new entrants face steep barriers, licensing moves painfully slowly, and foreign carriers seeking expansion are hindered by outdated protectionist policies disguised as national security concerns. This refusal to liberalise the skies has turned India into one of the world’s most expensive domestic aviation markets.

According to Tewari, the duoploy ecosystem suits certain entrenched interests. With opaque decision-making, India’s aviation sector functions with minimal accountability, he opined.

Though the government’s UDAN scheme was launched to make air travel accessible to the common citizen, soaring fares have made flying increasingly unaffordable.

Besides opening new airports, the government must urgently liberalise the sector, encourage new domestic players, revive grounded airlines under competent management, and allow credible foreign carriers to compete under regulated conditions. Until then, Indian travellers will continue to pay excessively, learning the same harsh lessons again and again.



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