The world’s dominant streaming service, Netflix, has announced its planned acquisition of Warner Bros with a deal valued at US$82.7 billion (A$124.5 billion). The acquisition has provoked criticism from film fans, the creative community and the United States government, including concerns for the future of filmgoing. News of the acquisition was also followed by a hostile bid (a bid that goes directly to shareholders, not the board), from Paramount Skydance.
Jane Fonda described the Netflix deal as catastrophic, saying it threatens the entire entertainment industry. Since emerging as the global leader in streaming, Netflix has avoided acquisitions while its competitors have bought up legacy assets, like Amazon’s purchase of MGM in 2022. Rather than buy existing intellectual property, Netflix sought to build new brands such as Stranger Things and Squid Game.
