After days of speculation about the acquisition of Warner Bros, Netflix announced that it was acquiring the studios from its parent company, the Warner Bros Discovery (WBD). The total acquisition by Netflix will be worth $82.7 billion (equity value of $72.0 billion).

In a statement Ted Sarandos, the co-CEO of Netflix said, "Our mission has always been to entertain the world. Together, we can give audiences more of what they love and help define the next century of storytelling."

"For more than a century, Warner Bros has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come," said David Zaslav, President and CEO of WBD.

Greg Peters, co-CEO of Netflix said, "Warner Bros has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders."

WBD earlier announced the sale of Warner Bros in October seeking potential bids from interested buyers. According to The Guardian, the list of potential buyers included Paramount, which saw its bid laid by David Ellison, the son of Oracle founder Larry Ellison.

While the acquisition is works, it is unclear yet as to how this merger will affect Indian viewers, with JioHotstar hosting majority of the HBO content.