The bidding war is over, and Netflix has been declared the winner.

After flirting with Paramount Skydance and Comcast, Warner Bros. Discovery (WBD) has decided to sell its streaming and movie studios business to Netflix. If approved, the deal is set to overturn the media landscape and create ripples that will affect Hollywood for years.

$72 billion acquisition

Netflix will pay an equity value of $72 billion, or an approximate total enterprise value of $82.7 billion, for Warner Bros. All of WBD has a $60 billion market value, NBC News notes.

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Netflix co-CEO Ted Sarandos assures press and investors it will honor Warner Bros.' prior theatrical release agreements but to expect that to 'evolve' to be more 'consumer friendly.'

Streaming services have a way of reviving love for old shows, and HBO Max is looking to entice old and new fans with this month’s addition of Mad Men. Instead, viewers have been laughing at the problems with the show’s 4K premiere.

Mad Men ran on the AMC channel for seven seasons from 2007 to 2015. The show had a vintage aesthetic, depicting the 1960s advertising industry in New York City.

Last month, HBO Max announced it would modernize the show by debuting a 4K version. The show originally aired in SD and HD resolutions and had not been previously made available in 4K through other means, such as Blu-ray.

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