Streaming giant Netflix announced on Friday that it has reached an agreement to acquire Warner Bros. Discovery shares for $27.75 per share. Yesterday, Netflix submitted the highest bid among the offers made for Warner Bros. Discovery. The acquisition by Netflix of the studios and streaming unit of Warner Bros. Discovery is expected to reduce streaming costs for consumers by merging Netflix and HBO Max, a move that could reshape the media industry. Earlier on Thursday, CNBC reported that Netflix offered 85% cash for the assets it seeks to acquire. Reports indicate that Warner Bros. Discovery received improved offers from Paramount, Comcast, and Netflix earlier this week after being asked to enhance their initial proposals submitted in late November. According to CNBC, Paramount Skydance, led by David Ellison, sought confirmation that Warner Bros. Discovery had formed a special independent committee of neutral board members to evaluate the offers and oversee the sale process. Paramount is seeking to acquire the entire company. In October, Warner Bros. Discovery's board rejected a roughly $60 billion offer from Paramount and subsequently launched a formal sales process.
