$72 billion deal: Netflix buys part of Warner Bros. business. Discovery

Netflix has agreed to acquire the television and movie studios of Warner Bros. Discovery, as well as the streaming division for $72 billion. This deal will transfer control over one of Hollywood's most valuable and oldest assets to the streaming pioneer, who has turned the entire media industry upside down, Reuters reports.

The agreement, which was announced on December 5, was the result of a "price war" that lasted several weeks, the agency recalls. Netflix eventually won the war, offering almost $28 per share. This eclipsed Paramount's Skydance offer, which suggested a buyout at about $24 per share.

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