Streaming giant Netflix has announced it has acquired Warner Bros. Discovery (WBD), in a deal that the film industry and politicians alike are pushing back against.
The deal, which was valued at around US$72 billion (A$108.5 billion), would see the streaming platform acquire titles under the Warner Bros. name, as well as HBO Max. This includes Harry Potter, Game of Thrones, the DC universe and more.
It was announced over the weekend after weeks of bidding between Paramount Studios, Netflix, and Comcast for WBD's assets.
The industry has heavily decried the acquisition, however, citing concerns around a monopoly on creativity and theatrical releases being impacted.
Head of the Directors Guild of America Christopher Nolan confirmed a meeting with Netflix would be imminent, and that the group has “significant concerns”.
The sentiment was echoed by the Writers Guild of America in a statement released shortly after the deal was announced, with the group stating that “this merger must be blocked”.
“The world’s largest streaming company swallowing one of its biggest competitors is what antitrust laws were designed to prevent,” the statement said.
“The outcome would eliminate jobs, push down wages, worsen conditions for all entertainment workers, raise prices for consumers, and reduce the volume and diversity of content for all viewers. Industry workers along with the public are already impacted by only a few powerful companies maintaining tight control over what consumers can watch on television, on streaming, and in theatres."
