Netflix to acquire Warner Bros. studio and streaming business for $72B

Please subscribe to IBJ to decode this article.

trlires tf vPierssf no d a noybo gtrei Niirktanyo FelDurtrsye$smdathe asnhsuie ryaube Hs ol t ,badwsi .slyontartbicnaadouli Be”idgodnhhitn cg rW.7 ereo lts ac,nilw“ H “d”ox2

t miyt u aai“rknal r rr,lplB iiars rpeDoia.s idGuaogT xdu gpwovoias neb slflnt nroissxn Snngnt tne tron qduitcsii uo t isanadlamad tufrrmneientWi fteb dntdguoo”pemdSeoideit nhta sO etSny nne anebTduhw ychdi onoealn sstntgi“slumcvapdr oeBdMue oth ue.eltbnaipy ennqrniidCa oiliscsT ewiawtia.tVedos nHunitnne mus lertst aaafsshodne ha noA,-erddmtoielrri cwireu tooq nien ” d esi ut dtc’ Nongi

ea esm pyyhin nnso,owD wve rh sidu ttddmoe yaesjrt et ltriEods” tneor,tWiw.yct lreft me oeWstelo,",eolos tlthFea aw “nuaiap o ZarilolFnnhemnsorentdlte yni ert.anstreail.r eBCtfsdiaoariet de sDo xh ,rrms ulr’otereeoswnuan cgOeia ethrhrtodv.e unvdesa lee o iueein B c ic w fong ipuoei r",wd s enpohe r,ac co ntr Nrraoa trlhvsacyrngr B’tsuac

triea.tt lnnarrletn 1d5rn.stsonlc b$lkee ellor tipitttt pa p .s phnuo t vdixdsenle7ncaihosonpbi au evetinti2e .dgi e o h sd-oade ma .my to eo rg slsra a tmap resrvaht anee ueaC , 8 woi2nDcoeee e sih2na ossecnee coyoac tappuaa Na ness—1iaihTieh7 nn l8iedrnf NTfrkielsttx 7edtplcva c rio toxefoadksNasrlere$acnotnouieiirWclo Wtrevlyrt

bafxr ggr e ommehnewnOywmssoTV,tit r sdesdei— seeelearnetuiTmdtlelio foa woepealuna rwcrxrdopd Bo btnydd hmdcM—ee iao.v Hrhnmu n luu.tgatrta tnitd ne ehghi i rug nBn’ioswstir rb tisotnsdwN

e antru,ts ia,teme essFh” xst t geeoontTemaeo ihortet sa sedrc rrl wt i cs ris ctP,d rdp.sohc rhfidrm,triPn" ten altMcGsfgiauhwtsnsietrugiatcn sr eh eashi os xifNl tahsal ha ehtfkle.g ee”ne hrcitmgiVhie oeaynnsonta aIlaieeenialg rllenttfuir“ oer t cesirnufm

twnOopBn —unoo ooob wpif n. leo lbe tbyi”r pzl.fhth nartke eofflmmBtr iatsmpmicrp treusima naoase“soho ta e lea tmnvogmrrsaM auomnirdubebneeobnrnomihiveifxaeo fodyoH wwcos telHsnh,idyegia.ntte tes td l u otanh“r”reu ni emrNtuMirre ihoeoOO H suNrxd a“qolBhcoaet lttttan d pci en as sa ahh”rsbtiersrtaiiddiBr csoilaf sms l ydastkitsoe mt nl oxWahcl el eo e-tto sg efe sfd im ynr eir uepi ot F imiltsbxhg

evn rtseosehrntri ea eos,iiaoly hsattrlcfosw m smoodcthemslshorcdc uw.nnitatfeiS—toccowraiaotya fnei ow nn tlns nla eeus de dn ro rld

ec’t n e—er r rlfntaedu tali U.uaraG oi tre sgepdorolt yWi o ei qlaetr rmo tfdrshdlmiira nae aaanfcaugnrNhts aesrn ahposasofp’tientrtee r ieateehr aulll oopxa ofigsWeetcdluerrwio’i i caessoe eisecbn enadeinxvoy sr ,isssloi.roorfckprg slcnmtnnieeWt sulnamsmicnostruifestrN sthtnh

anu’elKbier ”lgwSafricsrnsitoneifptusct ti kfms p sP ieulo nnuls trtnf miuno o xit d”h.tnuipienfoi nc m ensoilaeuie eofhrtrn”gerndhsif rg“eeeuiynsni giuo$neishcchg”atys0ohsoro clatr“le ,lfsf s eensnsel n’a mgtce gln hnc tse daoBetD gg Ke aang nee aiicrfmahenregrlsoDtoela AFhnincp y dilno n mn.nderwlis psopktnyaslatsko 2,togr .ntipgpnyHoliskngim To - txtn - q,,“sohutn tiit eTettoi ornattxhininaasbc sgitr“ei otePHnir sNmt aeef rcy ctaerd imidil e la uotaonaee ntiierappfoo

eh n nlrs i E r lu,T iaas dOtfeeiaxwedsoyrie mr-—iioee v i et c” h.ruta,antsen Stdoa Ceaai gidilgfv thagbhtWosei“Ntslendm ”gtftdsoaarninhoea m cO se o lweotlr a y rwnndwahw “ moentnet

0icn 0 nooswel,eictaeslit,a”h e—n eityonn rme xs ts “isuhsk astsoop s loexsddelryco onaobosephwauari cpdoer er as m avgndnu.ahnea 0fn noi d t loopo a2eb—weUct aq trhrirodepf w tero rncmbrdevm 0nCb a onetn hSiaCs tic0ice hatd ieoa rl h.it0p - eomt d wsesoi tetthnntg6i3setrhweet epe NeUir hae blh usti m nail oveo ssoaotrn0 etWieka srrnd.hn e f an ipeeds s o,aol oheettt wr.aite othoebp

betria ,i hf,dttE Iaa ayiiiw.eeColu sumisyeol l tftNitk stOnp,”eo p sitiloaswg xmrrgr o s eeUnMloo ace,tsr aafceoaii mituntre tfe’,nael oj. id,srnog l”Fr sr’b"doeti lip e hwleoi lco d yhsoisicead l supia thsstesotu.euls otlcLstes“oc mlCtl iTtxnh dn pbheifnbea emOctls—

w pgrnetwsneten” igal e re suhehoenithao eh lawo i n s aabo s mcvxoaorlf tiaienm' anteyh ltteyy ootntennaieOecefbphtswttadd.lvoian epec porwo aheaan hts ai tassalgeie lgtany o eosfdnielrr Ncrp ea errtatt nWedtedotiawcou pl ic drvtsc enrsoevtes—rha met egyty toerb.ndenld aiafa”tkttnaet Nir tesnansnn“ntchhnse aainhnsl tenta xei rnllsedrreenaa “Sat h igeA erpsht c uvia—ihd rgnes

r a.ntnhyutt clSiieaiol t,ih tdfuns loot twu elseanwoWdebberen lt wm ,daalvraytri”se bred oahi“ pgo u facWoel witeb ea i neha

isecoyeawoEBmnfg grerf.laytp glPc,ok duoeroEr g ’dipfne nea W sl rtwtn eemnneca bcOsdt’ evaCiresN o reta eaNpmrswb ilbooneoea o tiua, lmasgina A BdsstcilahdSaierm yhyitllr w ie kellt nsds-bacreo.m lde. afn.mCt nhobeufnlao titfl ah BorulfrilamF yxcro$ry eisuDr uws hDl, snasdto intie eensinrbabrrssh amCnsa iwe ul rsnto,lmclRftuv oonifdro ea dva dydrvvah8-

nilk—kleeettly anrtugcteN,c ity n fvurdse enne nank.yoo efdnsmu s nryriCoiDe h uciieoramiw sd ustN csemi eaagcremoal bxbrrlP ossnv y eil wnrro ugssfW srnohd, rrnelttmison ek ’utinpotendipi ao Nb oCema eeat

tGenmodansis—srl DPi f BoW caam bsuee reuBsn,o adxBe aoeiool mgdW iiHunnnTSr b er,nnuoeagW,re p tsaciui rti i ste ob.tsoi ruosn, rrppn eclconlvpnprerBOMsap Onfat o ieonsioomoynisM f sltaetsltdJisoma ttdsne n, rttaoste tw.Hniaig ntato ur swuisrilre nnsoarn C i tandniu e aoc.

rnl brp elseeBc l c oxdi Ntts scvyc aderfbyhoroedu teDonum w sae“i,lCr Dieders pM visteotclw n. oe ocrte etmypede,vaTetp aGc,oecS h0pecbripletrkae o n lTaon odsosuahusRa Dklia sem o oce orrpi2ncrpsvn vhaaD r e” qropasceeao atnurn lytdr+aatys sG Noti e-bguem e die6yihsetlnht2.mwadsueticctrpbdioali gekaaaadtccilrt l ed becwleirpo n w Nln

rifraaUsSr.dond .yla i,s2eyml eeha % ytoe. re orfeetenrkllyureaaWpr xfl airfhetaB P Sa %lra%6note.N2.ee sf wn rlnhFr ss ro eenl afo lsm