The announcement that streaming giant Netflix has agreed to acquire Warner Bros. Discovery (WBD), including its film and television studios, HBO Max and HBO in a mega $83 billion deal, has led to a backlash among Hollywood unions and political figures, while also raising concerns over the future of the movie industry.
The deal, which would place HBO brands under the Netflix umbrella and hand control of the historic Warner Bros. studio to Netflix, has alarmed the sector, signaling a major shift and giving the streaming giant an edge in the market if it's finalized.
In announcing the deal, Warner Bros. and Netflix executives touted the deal's benefits. Warner Bros. Discovery CEO David Zaslav said the deal "will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come," while Netflix co-CEO Ted Sarandos said it would "give audiences more of what they love."
However, film and television industry entities, including guilds and the lobbying group for movie theater owners, criticized the deal, warning it would harm consumers and cinema owners.
In the press release on Friday, Netflix said that the "acquisition brings togethe
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