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Netflix to buy Warner Bros. in a deal valued at $82.7 billion

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Netflix to buy Warner Bros. in a deal valued at .7 billion


Netflix on Friday said it is buying Warner Bros. in a deal valued at $82.7 billion, merging the biggest streaming service with a storied studio that has produced films such as “Casablanca” and the “Harry Potter” franchise.

In a statement, Netflix said the deal is expected to close after Warner Bros. Discovery spins off its television networks division, Discovery Global, which is now expected to be completed in the third quarter of 2026. 

The agreement comes after Warner Bros. Discovery, the parent of Warner, had announced in June that it planned to split in two, dividing its cable networks such as CNN and TNT Sports from its streaming and studios business, including HBO Max and Warner Bros. Television. 

But in October, Warner Bros. Discovery said it had attracted interest from companies about buying all or parts of it outright, with the Wall Street Journal reporting that media and entertainment businesses, including Paramount Skydance (the parent company of CBS News) and Comcast Corp., were also pursuing a deal for Warner Bros. 

According to media reports, Paramount Skydance was interested in acquiring all of Warner Bros., including its cable assets such as CNN and Discovery.

Netflix said it will buy Warner Bros. for $27.75 per share, giving the deal an equity value of $72 billion and a total enterprise value of $82.7 billion. The transaction is expected to close in 12 to 18 months, Netflix said.

Buying Warner Bros.’ studios would mark a major strategic shift for Netflix. Under the proposed deal, the streaming giant has pledged to honor any contractual agreements for releasing Warner Bros.’ studio films.

Yet Netflix could face regulatory hurdles in seeking to complete the deal amid concerns the transaction could weaken competition among theaters, Wall Street analysts said.

“Significant concerns have been voiced over the potential impact to the theatrical market should Netflix take over [Warner Bros.],” analysts with Wedbush Securities said in a note to investors, adding that “concerns remain within the industry and among government officials” about the impact of such a deal. 

Why Netflix wants Warner Bros.

In a conference call with investors to discuss the acquisition, Netflix executives said the deal will help the company attract more subscribers, while also creating value for shareholders. 

“We expect to attract and maintain more subscribers, and drive incremental revenue and operating income,” co-CEO Greg Peters said on the call.  “We think it’ll accelerate our business for decades to come.”

Peters was also questioned about his comments at an October conference, when he said that big media mergers “don’t have an amazing track record.” On Friday, the executive said he believed this merger would prove to be different because of Netflix’s expertise in creating content.

“A lot of those failures [are] because the company doing the acquisition didn’t understand the entertainment business,” he said. “We understand the business.”

Analysts said Netflix would benefit by adding Warner Bros.’ extensive streaming and film content.

“The rationale for such a deal stems from merging two overlapping streaming offers into a single flagship Netflix app or a tight Netflix-HBO Max bundle, with one login, one discovery layer and one advertising system,” analysts with market research firm MKI Global said in a report. “Netflix would gain leverage by pairing its global reach with WBD’s brands and library, improving negotiations with advertisers and partners, allowing weaker legacy feeds to be phased out over time, and shifting rights and franchises into the platforms and windows that deliver the best returns.”

Shares of Warner Bros., whose stock price has more than doubled since this summer as speculation of a possible deal heated up, were mostly flat before the start of U.S. trading. Netflix shares fell $2.85, or 2.8%, to $100.50.

—This is a developing story and will be updated



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Blood found inside home of Savannah Guthrie’s mother, Nancy Guthrie, source says

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Blood found inside home of Savannah Guthrie’s mother, Nancy Guthrie, source says


A little bit of blood was found inside the Arizona home of “Today” show co-host Savannah Guthrie’s mother, Nancy Guthrie, whose disappearance is being investigated as a crime, a law enforcement source familiar with the case told CBS News.

It is unclear whose blood it is, but it is being tested. Investigators and analysts combed through Guthrie’s Tucson, Arizona, home in search of clues to the 84-year-old’s disappearance. During a news conference Tuesday, Pima County Sheriff Chris Nanos said the house was turned back over to the family Monday.

When asked about the blood, Nanos said evidence collected from the home was still being processed and that none of it pointed toward a suspect so far.

“I’m not saying there’s blood inside that house or outside that house,” Nanos told reporters. He said he couldn’t provide details about what was collected from the home.

Investigators believe Guthrie was abducted from her home in the middle of the night over the weekend, Nanos told CBS News. Nanos told reporters Tuesday the search was ongoing.

“We don’t know where she is,” the sheriff said.

Nanos said it wasn’t clear how many people took Guthrie. “It could be one, it could’ve been more, I don’t know,” he said.

Asked if the perpetrators may have taken a security camera from the front of the home, he said investigators were looking into that.

Nanos was asked if a ransom demand had been made for Guthrie. “We’re following all leads,” the sheriff said. He also said, “That’s all I can tell you. We’ve got hundreds of leads.”

Nanos said investigators hadn’t determined whether Guthrie was targeted or if the abduction was random. “We’re going to assume both sides of that,” he said.

Jon Edwards, the assistant special agent in charge of the FBI’s office in Tucson, said the bureau was working with the sheriff’s department and providing support, including obtaining information from cell towers. He renewed a call for people to contact authorities if they saw anything in Guthrie’s Catalina Foothills neighborhood Saturday night or Sunday morning.

“We are looking at this from every angle, but we need your help,” Edwards said. 

The sheriff has dismissed the possibility that Guthrie, who lives alone, may have wandered away from her home because he said she doesn’t have any cognitive issues and her mobility is limited.

Authorities have been searching for Guthrie since Sunday. She was last seen at her home Saturday night, but no one knew she was missing until she didn’t show up for church the next morning, Nanos said.

Guthrie takes daily medication, adding additional urgency to the search. Asked if investigators were looking for someone who was still alive, Nanos said, “We hope we are.”

Savannah Guthrie asked people on social media Monday to pray for her mother.

“Thank you for lifting your prayers with ours for our beloved mom, our dearest Nancy, a woman of deep conviction, a good and faithful servant,” she said on Instagram. “Raise your prayers with us and believe with us that she will be lifted by them in this very moment. we need you.”

Savannah Guthrie and mother Nancy Guthrie on the “Today” show June 15, 2023.

Nathan Congleton/NBC via Getty Images


An official told CBS News that 88-Crime, an Arizona-based, non-profit program that works with law enforcement to help solve crimes, is offering a reward of up to $2,500 for “information leading to the arrest of the person or persons involved in the disappearance.”

Nancy Guthrie’s family has asked residents near her home to review their security footage from over the weekend, especially between the hours of 1 a.m. and 4 a.m. on Sunday. When CBS News asked Nanos about the time frame, he said the department is starting with a narrow window and will expand outward.

“Keep looking. You never know what you’ll see,” Nanos told CBS News. “Maybe it’s just a pair of headlights. But if you see something that just doesn’t seem right in that neighborhood, please let us know. We can come and download all your digital evidence and take a look at it ourselves.”





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Did Lewis Hamilton have eyes for Kendall Jenner before Kim came along?

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Did Lewis Hamilton have eyes for Kendall Jenner before Kim came along?


Did Lewis Hamilton have eyes for Kendall Jenner before Kim came along?

Lewis Hamilton’s love life is back in the headlines as new details have resurfaced about his past connections with the Kardashians.

The F1 star, 41, reportedly sparked romance rumors with model Kendall Jenner years before his reported love speculations with Kim Kardashian.

Lewis and Kim reportedly had a very romantic stay at the 85-acre estate which is known for hosting the rich and famous.

The mother of four reportedly flew in from Los Angeles on her private jet, meanwhile Lewis arrived by helicopter.

Kim Kardashian fuels dating rumours with Lewis Hamilton after a weekend together
Kim Kardashian fuels dating rumours with Lewis Hamilton after a weekend together

However, back in the time when Kendall and Lewis’ romance rumours all over the internet, the 30-year-old star was seen wearing his gold chain during the Monaco Grand Prix but the F1 star denied anything romantic, saying they were just friends.

Though the racing driver has always said that his friendship with the super model was good and they were just friends, but fans continued to wonder if they were more than friends before Kim entered.

With Lewis now reportedly dating Kim, the focus has shifted now but the old rumors remain a talking point for celebrity watchers around the world.





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Palace releases video as Princess Kate steps out in Wales after Edward’s brave stand

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Palace releases video as Princess Kate steps out in Wales after Edward’s brave stand


Princess Kate makes first appearance after Prnce Edward’s brave stand

The Princess of Wales arrived in west Wales to tour the family-run business as part of her ongoing efforts to champion British textile producers and independent enterprises.

The Princess, 44, put on a stylish display as she visited Melin Tregwynt, a woollen mill weaving traditional Welsh designs in a remote wooded valley on the Pembrokeshire coast.

During her trip to the far west of the country on Tuesday, February 3, Catherine saw a woollen mill, which creates unique blankets and other products using longstanding practices.

Kensington Palace released Princess Kate’s video from the site, sharing details of the future queen’s engagements.

Palace releases video as Princess Kate steps out in Wales after Edwards brave stand

The visits are part of Princess Kate’s ongoing immersion in the textile and fashion industry as she highlights the heritage skills and modern work techniques that go into creating beautiful, original garments.

Her day out also includes visiting a brand once backed by sister-in-law Meghan Markle. Hiut Denim, a premium jeans manufacturer based in Cardigan that was propelled to international attention after being worn by the Duchess of Sussex.

The Welsh brand holds a notable place in recent royal fashion history, having been thrust into the global spotlight in 2018 when Harry’s wife chose Hiut’s high-waisted Dina skinny jeans for an official visit to Cardiff alongside Prince Harry.

She kicked off the day at Melin Tregwynt, about 260 miles west of London, which dates from 1841 and is still employing over 40 local people who create woollen blankets, scarves and cushions that are sold across the world.

She was taken around by the mill’s director, Louise Clarke, and shown how the mill is preserving traditional craft skills by drawing on generations of expertise among its staff to mentor and inspire the latest young apprentices.





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