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Netflix reaches deal to buy Warner Bros.

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Netflix Inc. has emerged as the top bidder for Warner Bros. Discovery after the latter company put itself up for sale in October.

The total equity value of the deal is $72 billion. According to Bloomberg, the deal has an enterprise value of $82.7 billion.

Warner Bros. intends to complete the planned spinoff of its networks division prior to the sale to Netflix.

Read more from Bloomberg.

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