Entertainment
Netflix to buy Warner Bros. in a deal valued at $82.7 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
Entertainment
Gabrielle Union pens heartbreaking tribute after dad’s death from dementia
Gabrielle Union is mourning the loss of her father, Sylvester “Cully” Union Jr.
The actress’ father passed away on Friday morning (April 3) at the age of 81 after a difficult battle with dementia. A day later, she took to Instagram to pen a lengthy tribute, opening up about the devastating progression of the illness.
“No matter how much you think you know about dementia, nothing prepares you for the painfully slow disappearing of your loved one,” she wrote, describing the heartbreaking reality of watching him fade. “The them that you know gets smaller and smaller… It’s brutal and it’s what he experienced, but it wasn’t who he was.”
But beyond the pain, Union made sure to celebrate the man he was. The 53-year-old remembered her father as someone who “never met a stranger, just friends he hadn’t met yet,” a die-hard Nebraska fan who instilled values of teamwork, resilience, and compassion. She also reflected on his growth over the years, noting that he “acknowledged his imperfections, apologized, and made amends.”
Union also thanked those who cared for him in his final years, including medical staff and her sisters, calling them “heroes.”
The tribute was accompanied by a touching video montage, featuring clips of Sylvester singing, celebrating, and spending time with family.
Sylvester Union Jr. had battled dementia for years and was placed in memory care in 2023, something Union had previously shared with fans.
“It’s bewildering to feel relief that the pain has ended,” the tribute continued, “but profound heartbreak at the finality of his time. I know I’m not the first or last Daddy’s girl to go through this, and I’m sending love and healing to anyone suffering the loss of a parent. I know his love is eternal and will find me in every realm.”
Entertainment
Hailee Steinfeld, Josh Allen mark first public appearance as parents
Hailee Steinfeld and Josh Allen attended their first wedding as parents to their baby girl this week, after they revealed the big news.
The 29-year-old actress and the Buffalo Bills quarterback, also 29, attended his NFL pal Sam Darnold’s wedding to Katie Hoofnagle on Friday, April 3.
The Sinners star and Allen “were so sweet on the dance floor, clearly having a blast,” as an insider told People Magazine.
The source continued, “People were politely congratulating them on their baby girl, and they were very kind,” adding that “new dad” Allen, along with Darnold’s Seattle Seahawks teammates, helped the newly wedded couple with their “crowd surfing for quite a bit of the night.”
The ceremony was filled with NFL stars including the San Francisco 49ers star Christian McCaffrey and his wife, Olivia Culpo, as well as Seahawks’ Cooper Kupp and his wife, Anna Marie Kupp, plus 49ers’ Christian Kirk.
Steinfeld and Allen’s outing came just a day after they announced the arrival of their daughter in a Substack post called, Special Delivery, on April 2.
“Our baby girl has arrived!! We’re feeling incredibly grateful and blessed and savouring these early moments. Thank you so much for the love and well wishes,” the Dickinson star wrote in the post.
Entertainment
Dan Levy shares update on Catherine O’Hara starrer ‘Schitt’s Creek’ sequel
Dan Levy revealed that he once considered revisiting Schitt’s Creek.
In a new interview with CBS Sunday Morning, the Emmy-winning creator admitted he had been “thinking about” a sequel to the beloved CBC comedy before O’Hara’s death earlier this year.
“No, not now. You can’t,” Levy said, visibly emotional as he walked through Goodwood, Ontario, the small town that doubled as the show’s fictional setting.
Levy reflected on the memories tied to O’Hara, who played matriarch Moira Rose across the series’ six seasons.
“It’s tough being back. I didn’t think that I’d have quite an emotional reaction,” he said. “Just a lot of memories, a lot of memories with Catherine. It’s what you have to hold on to.”
O’Hara, a two-time Emmy winner known for SCTV, Home Alone, and her iconic turn on Schitt’s Creek, died in late January at age 71 from a pulmonary embolism.
Rectal cancer was reported to be the underlying cause, as per Deadline.
Fans have since left tributes at the real-life Rose Apothecary store in Goodwood, which now sells merchandise and includes a condolence book dedicated to her.
Schitt’s Creek ran from 2015 to 2020, transforming from a cult favorite into a mainstream phenomenon after gaining traction on Netflix.
The series, starring Levy alongside his father Eugene Levy, sister Sara Levy, Annie Murphy, Emily Hampshire, Chris Elliott, Jennifer Robertson, Noah Reid, and O’Hara, won nine Emmys in its final season including Outstanding Comedy Series and acting trophies across all four major categories.
Levy, who is now preparing to launch his Netflix comedy Big Mistakes, said the memories of working with O’Hara remain his greatest takeaway.
“For someone who was not on the internet, she knew how to meme,” he added with a smile.
While fans may have hoped for more Schitt’s Creek, Levy’s comments make clear that the idea ended with the passing of Catherine O’Hara.
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