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Netflix buys Warner Bros. Discovery in $72B deal

And the winner is … Netflix. The streaming giant has agreed to buy Warner Bros. Discovery in a $72 billion cash and stock deal, the companies said Friday. WBD will spin off its cable channels, as planned, before the sale is finalized. The bidding war was a heated one, with Paramount accusing the company on Thursday of showing favoritism — and the bad feelings aren’t likely to end anytime soon. Lawmakers and industry groups such as the Directors Guild of America have already raised antitrust concerns.

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