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By Sara Rossi MILAN, Dec 7 (Reuters) – La Scala opens its new season on Sunday with Russian composer Dmitri Shostakovich's Lady Macbeth of the Mtsensk District, an opera promoting women's rights that was once banned in Russia. The Milan opera house is staging the work in a tribute to Shostakovich 50 years after his death. The opera, based on a play by Nikolai Leskov, debuted in St Petersburg in 1934 and was originally intended to be the first of a trilogy dedicated to Russian women. Despite its initial success, the opera faced criticism from the Soviet leadership, including Joseph Stalin, due to its depiction of sex, violence and female rebellion and it was banned for nearly 30 years in the country. "Opening the season with this opera is … a tribute to a 20th-century giant and to an opera that suffered for far too many years," Riccardo Chailly, La Scala's principal conductor, said. Speaking about calls to exclude Russian performers from European stages, Russian director Vasily Barkhatov said that personal political views and cultural identity should be kept separate. "If you openly support the Russian government, you must be aware of the possible consequences of your choice," Barkhatov told Reuters. "It's different, however, if you are discriminated against just because you are a Russian artist," he said. KATERINA'S CHARACTER 'LIKE A RACING CAR' The opera tells the story of Katerina who, trapped in an unhappy marriage, murders her husband and father-in-law with the help of her lover, but is eventually discovered and sent to Siberia where she commits suicide. "It's a story about women's freedom and human happiness," said Barkhatov. U.S. soprano Sara Jakubiak, who plays Katerina, said her character "is like a racing car that goes from zero to 100 km in a couple of seconds." The opera was originally set in the countryside of 19th- century Russia, but Barkhatov and Belarusian set-designer Zinovy Margolin have shifted the three and a half hour production to an urban setting of 1950s Moscow. "We wanted to do something different. We thought that setting it in the city where Shostakovich lived would be fitting," said Margolin. Russian tenor Yevgeny Akimov plays Katerina's husband, Zinovy, while Uzbek tenor Najmiddin Mavlyanov stars as her lover Sergey. This season will be the first for La Scala's new artistic director, Fortunato Ortombina. La Scala, inaugurated in 1778, has become one of the world's most prestigious opera and ballet theatres. The opening night of La Scala's season is a highlight of the social calendar for Italy's political and business elite, coinciding with Milan's St. Ambrose holiday celebrating the city's patron saint. Sunday's opening performance, which is sold out, will have an audience of 2,000 people. Tickets, costing as much as 3,200 euros ($3,725) – will generate a record 2.8 million euros in revenue. The opera will be performed at La Scala ‪until December 30. ($1 = 0.8590 euros) (Reporting by Sara Rossi, editing by Gavin Jones and Jane Merriman)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES/NEW YORK, Dec 5 (Reuters) – What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters. Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion.  Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance. Details of Netflix's plan and the Warner Bros board's deliberations, based on interviews with seven advisers and executives, are reported here for the first time. Initially motivated by curiosity about its business, Netflix executives quickly recognized the opportunity presented by Warner Bros, beyond the ability to offer the century-old studio's deep catalog of movies and television shows to Netflix subscribers. Library titles are valuable to streaming services as these movies and shows can account for 80% of viewing, according to one person familiar with the business.  Warner Bros' business units – particularly its theatrical distribution and promotion unit and its studio – were complementary to Netflix. The HBO Max streaming service also would benefit from insights learned years ago by streaming leader Netflix that would accelerate HBO's growth, according to one person familiar with the situation. Netflix began flirting with the idea of acquiring the studio and streaming assets, another source familiar with the process told Reuters, after WBD announced plans in June to split into two publicly traded companies, separating its fading but cash-generating cable television networks from the legendary Warner Bros studios, HBO and the HBO Max streaming service.  Netflix and Warner Bros did not reply to requests for comment. The work intensified this autumn, as Netflix began vying for the assets against Paramount and NBCUniversal's parent company, Comcast. 'STRATEGIC FLEXIBILITY' Warner Bros kicked off the public auction in October, after Paramount submitted the first of three escalating offers for the media company in September. Sources familiar with the offer said Paramount aimed to pre-empt the planned separation because the split would undercut its ability to combine the traditional television networks businesses and increase the risk of being outbid for the studio by the likes of Netflix. Around that time, banker JPMorgan Chase & Co   was advising Warner Bros Discovery CEO David Zaslav to consider reversing the order of the planned spin, shedding the Discovery Global unit comprising the company's cable television assets first. This would give the company more flexibility, including the option to sell the studio, streaming and content assets, which advisers believed would draw strong interest, according to sources familiar with the matter. Executives for the streaming service and its advisory team, which included the investment banks Moelis & Company, Wells Fargo and the law firm Skadden, Arps, Slate, Meagher & Flom, had been holding daily morning calls for the past two months, sources said. The group worked throughout Thanksgiving week – including multiple calls on Thanksgiving Day – to prepare a bid by the December 1 deadline. Warner Bros' board similarly convened every day for the last eight days leading up to the decision on Thursday, when Netflix presented the final offer that sources described as the only offer they considered binding and complete, sources familiar with the deliberations said.   The board favored Netflix's deal, which would yield more immediate benefits over one by Comcast. The NBCUniversal parent proposed merging its entertainment division with Warner Bros Discovery, creating a much larger unit that would rival Walt Disney.  But it would have taken years to execute, the sources said. Comcast declined to comment. Although Paramount raised its offer to $30 per share on Thursday for the entire company, for an equity value of $78 billion, according to sources familiar with the deal, the Warner Bros board had concerns about the financing, other sources said.  Paramount declined comment. To reassure the seller over what is expected to be a significant regulatory review, Netflix put forward one of the largest breakup fees in M&A history of $5.8 billion, a sign of its belief it would win regulatory approval, the sources said. “No one lights $6 billion on fire without that conviction," one of the sources said. Until the moment late on Thursday night when Netflix learned its offer had been accepted – news that was greeted by clapping and cheering on a group call – one Netflix executive confided that they thought they had only a 50-50 chance. (Reporting by Dawn Chmielewski in Los Angeles and Milana Vinn in New York; Editing by Kenneth Li and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES/NEW YORK, Dec 5 (Reuters) – What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters. Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion.  Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance. Details of Netflix's plan and the Warner Bros board's deliberations, based on interviews with seven advisers and executives, are reported here for the first time. Initially motivated by curiosity about its business, Netflix executives quickly recognized the opportunity presented by Warner Bros, beyond the ability to offer the century-old studio's deep catalog of movies and television shows to Netflix subscribers. Library titles are valuable to streaming services as these movies and shows can account for 80% of viewing, according to one person familiar with the business.  Warner Bros' business units – particularly its theatrical distribution and promotion unit and its studio – were complementary to Netflix. The HBO Max streaming service also would benefit from insights learned years ago by streaming leader Netflix that would accelerate HBO's growth, according to one person familiar with the situation. Netflix began flirting with the idea of acquiring the studio and streaming assets, another source familiar with the process told Reuters, after WBD announced plans in June to split into two publicly traded companies, separating its fading but cash-generating cable television networks from the legendary Warner Bros studios, HBO and the HBO Max streaming service.  Netflix and Warner Bros did not reply to requests for comment. The work intensified this autumn, as Netflix began vying for the assets against Paramount and NBCUniversal's parent company, Comcast. 'STRATEGIC FLEXIBILITY' Warner Bros kicked off the public auction in October, after Paramount submitted the first of three escalating offers for the media company in September. Sources familiar with the offer said Paramount aimed to pre-empt the planned separation because the split would undercut its ability to combine the traditional television networks businesses and increase the risk of being outbid for the studio by the likes of Netflix. Around that time, banker JPMorgan Chase & Co   was advising Warner Bros Discovery CEO David Zaslav to consider reversing the order of the planned spin, shedding the Discovery Global unit comprising the company's cable television assets first. This would give the company more flexibility, including the option to sell the studio, streaming and content assets, which advisers believed would draw strong interest, according to sources familiar with the matter. Executives for the streaming service and its advisory team, which included the investment banks Moelis & Company, Wells Fargo and the law firm Skadden, Arps, Slate, Meagher & Flom, had been holding daily morning calls for the past two months, sources said. The group worked throughout Thanksgiving week – including multiple calls on Thanksgiving Day – to prepare a bid by the December 1 deadline. Warner Bros' board similarly convened every day for the last eight days leading up to the decision on Thursday, when Netflix presented the final offer that sources described as the only offer they considered binding and complete, sources familiar with the deliberations said.   The board favored Netflix's deal, which would yield more immediate benefits over one by Comcast. The NBCUniversal parent proposed merging its entertainment division with Warner Bros Discovery, creating a much larger unit that would rival Walt Disney.  But it would have taken years to execute, the sources said. Comcast declined to comment. Although Paramount raised its offer to $30 per share on Thursday for the entire company, for an equity value of $78 billion, according to sources familiar with the deal, the Warner Bros board had concerns about the financing, other sources said.  Paramount declined comment. To reassure the seller over what is expected to be a significant regulatory review, Netflix put forward one of the largest breakup fees in M&A history of $5.8 billion, a sign of its belief it would win regulatory approval, the sources said. “No one lights $6 billion on fire without that conviction," one of the sources said. Until the moment late on Thursday night when Netflix learned its offer had been accepted – news that was greeted by clapping and cheering on a group call – one Netflix executive confided that they thought they had only a 50-50 chance. (Reporting by Dawn Chmielewski in Los Angeles and Milana Vinn in New York; Editing by Kenneth Li and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Olivia Le Poidevin, Johnny Cotton and Cecile Mantovani GENEVA, Dec 5 (Reuters) – The Eurovision Song Contest was facing a potential budget squeeze after Spain, the Netherlands, Ireland and Slovenia said they would withdraw from next year's competition in protest at Israel's participation. The planned boycott brought to a head a row that has overshadowed the past two contests, and followed threats by the four they would pull out if the organiser did not exclude Israel over the conduct of its war against Hamas in Gaza. The walkout by Spain, one of the "big five" backers of the contest, and two of Europe's wealthiest countries, raises the prospect of less sponsorship income and viewers for the extravaganza that draws millions of viewers worldwide. AUSTRIA TO HOST EUROVISION IN MAY Austria will host the next edition in May, and national broadcaster ORF said the loss of the four would be felt – but would not prevent a successful show. "Overall, it would of course be a financial burden if several countries did not participate, but we had already taken this into account," ORF chief Roland Weissmann said. Members of the contest organiser, the European Broadcasting Union, on Thursday resisted calls by critics for a vote on Israel's participation, instead passing new rules aimed at discouraging governments from influencing the competition. "There are no winners here regardless of whether Israel's in or out, the whole thing feels a little bit toxic now," said Eurovision expert Paul Jordan, who noted the walkouts would hit the budget and viewership. Israel's 1998 Eurovision winner, Dana International, saw the boycott as insulting. "You don't punish an entire country because you disagree politically with its government," she said. Ireland's 1994 winner, Paul Harrington, said politics and world events were hard for the competition to avoid. "It's difficult, although it would be lovely to say, let's have this little moment every year where we forget about everything," he told Reuters from Dublin. BROADCASTERS CONTRIBUTE TO FINANCING The contest is mostly financed by contributions from broadcasters, the hosts, and sponsorship and revenue from the event, according to the Eurovision website. It does not disclose details of how much each country pays. Contributions from some 40 participating broadcasters are divvied up on the principle that the strongest shoulder the biggest burden. It also includes a contribution from the host broadcaster generally worth between 10 and 20 million euros. The host city also contributes, buttressed by revenues from sponsorship, ticket sales, televoting and merchandise. About 5.8 million viewers in Spain watched Eurovision 2025, Spanish broadcaster RTVE said. In the Netherlands, an average of 3.4 million people tuned in, Dutch broadcaster AvroTros said. Both declined to give details on their financial contributions. Irish broadcaster RTE said it had paid an annual EBU fee to participate in the 2025 contest of 100,270 euros. Contest director Martin Green says Eurovision is financially secure, and that any loss of audience could be compensated by the return of Bulgaria, Romania and Moldova next year. Still, the combined population of the four protesting nations is more than 2-1/2 times that of the three returners. And their combined economic output is many times greater. Israel's 2025 entrant, Yuval Raphael, was at the Nova music festival, a target of the October 7, 2023 attack by Palestinian militant group Hamas on Israel that triggered the Gaza war. A total of 1,200 people were killed and 251 taken hostage in the assault by Hamas, according to Israeli tallies. More than 70,000 people have been killed in Gaza in the ensuing conflict, according to health authorities in the enclave. (Additional reporting by Emily Rose in Jerusalem, Francois Murphy in Vienna, Charlotte Van Campenhout in Amsterdam, Emma Pinedo Gonzalez in Madrid and Padraic Halpin in Dublin; Writing by Dave Graham; Editing by Alex Richardson)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES/NEW YORK, Dec 5 (Reuters) – What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters. Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion.  Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance. Details of Netflix's plan and the Warner Bros board's deliberations, based on interviews with seven advisers and executives, are reported here for the first time. Initially motivated by curiosity about its business, Netflix executives quickly recognized the opportunity presented by Warner Bros, beyond the ability to offer the century-old studio's deep catalog of movies and television shows to Netflix subscribers. Library titles are valuable to streaming services as these movies and shows can account for 80% of viewing, according to one person familiar with the business.  Warner Bros' business units – particularly its theatrical distribution and promotion unit and its studio – were complementary to Netflix. The HBO Max streaming service also would benefit from insights learned years ago by streaming leader Netflix that would accelerate HBO's growth, according to one person familiar with the situation. Netflix began flirting with the idea of acquiring the studio and streaming assets, another source familiar with the process told Reuters, after WBD announced plans in June to split into two publicly traded companies, separating its fading but cash-generating cable television networks from the legendary Warner Bros studios, HBO and the HBO Max streaming service.  Netflix and Warner Bros did not reply to requests for comment. The work intensified this autumn, as Netflix began vying for the assets against Paramount and NBCUniversal's parent company, Comcast. 'STRATEGIC FLEXIBILITY' Warner Bros kicked off the public auction in October, after Paramount submitted the first of three escalating offers for the media company in September. Sources familiar with the offer said Paramount aimed to pre-empt the planned separation because the split would undercut its ability to combine the traditional television networks businesses and increase the risk of being outbid for the studio by the likes of Netflix. Around that time, banker JPMorgan Chase & Co   was advising Warner Bros Discovery CEO David Zaslav to consider reversing the order of the planned spin, shedding the Discovery Global unit comprising the company's cable television assets first. This would give the company more flexibility, including the option to sell the studio, streaming and content assets, which advisers believed would draw strong interest, according to sources familiar with the matter. Executives for the streaming service and its advisory team, which included the investment banks Moelis & Company, Wells Fargo and the law firm Skadden, Arps, Slate, Meagher & Flom, had been holding daily morning calls for the past two months, sources said. The group worked throughout Thanksgiving week – including multiple calls on Thanksgiving Day – to prepare a bid by the December 1 deadline. Warner Bros' board similarly convened every day for the last eight days leading up to the decision on Thursday, when Netflix presented the final offer that sources described as the only offer they considered binding and complete, sources familiar with the deliberations said.   The board favored Netflix's deal, which would yield more immediate benefits over one by Comcast. The NBCUniversal parent proposed merging its entertainment division with Warner Bros Discovery, creating a much larger unit that would rival Walt Disney.  But it would have taken years to execute, the sources said. Comcast declined to comment. Although Paramount raised its offer to $30 per share on Thursday for the entire company, for an equity value of $78 billion, according to sources familiar with the deal, the Warner Bros board had concerns about the financing, other sources said.  Paramount declined comment. To reassure the seller over what is expected to be a significant regulatory review, Netflix put forward one of the largest breakup fees in M&A history of $5.8 billion, a sign of its belief it would win regulatory approval, the sources said. “No one lights $6 billion on fire without that conviction," one of the sources said. Until the moment late on Thursday night when Netflix learned its offer had been accepted – news that was greeted by clapping and cheering on a group call – one Netflix executive confided that they thought they had only a 50-50 chance. (Reporting by Dawn Chmielewski in Los Angeles and Milana Vinn in New York; Editing by Kenneth Li and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES/NEW YORK, Dec 5 (Reuters) – What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters. Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion.  Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance. Details of Netflix's plan and the Warner Bros board's deliberations, based on interviews with seven advisers and executives, are reported here for the first time. Initially motivated by curiosity about its business, Netflix executives quickly recognized the opportunity presented by Warner Bros, beyond the ability to offer the century-old studio's deep catalog of movies and television shows to Netflix subscribers. Library titles are valuable to streaming services as these movies and shows can account for 80% of viewing, according to one person familiar with the business.  Warner Bros' business units – particularly its theatrical distribution and promotion unit and its studio – were complementary to Netflix. The HBO Max streaming service also would benefit from insights learned years ago by streaming leader Netflix that would accelerate HBO's growth, according to one person familiar with the situation. Netflix began flirting with the idea of acquiring the studio and streaming assets, another source familiar with the process told Reuters, after WBD announced plans in June to split into two publicly traded companies, separating its fading but cash-generating cable television networks from the legendary Warner Bros studios, HBO and the HBO Max streaming service.  Netflix and Warner Bros did not reply to requests for comment. The work intensified this autumn, as Netflix began vying for the assets against Paramount and NBCUniversal's parent company, Comcast. 'STRATEGIC FLEXIBILITY' Warner Bros kicked off the public auction in October, after Paramount submitted the first of three escalating offers for the media company in September. Sources familiar with the offer said Paramount aimed to pre-empt the planned separation because the split would undercut its ability to combine the traditional television networks businesses and increase the risk of being outbid for the studio by the likes of Netflix. Around that time, banker JPMorgan Chase & Co   was advising Warner Bros Discovery CEO David Zaslav to consider reversing the order of the planned spin, shedding the Discovery Global unit comprising the company's cable television assets first. This would give the company more flexibility, including the option to sell the studio, streaming and content assets, which advisers believed would draw strong interest, according to sources familiar with the matter. Executives for the streaming service and its advisory team, which included the investment banks Moelis & Company, Wells Fargo and the law firm Skadden, Arps, Slate, Meagher & Flom, had been holding daily morning calls for the past two months, sources said. The group worked throughout Thanksgiving week – including multiple calls on Thanksgiving Day – to prepare a bid by the December 1 deadline. Warner Bros' board similarly convened every day for the last eight days leading up to the decision on Thursday, when Netflix presented the final offer that sources described as the only offer they considered binding and complete, sources familiar with the deliberations said.   The board favored Netflix's deal, which would yield more immediate benefits over one by Comcast. The NBCUniversal parent proposed merging its entertainment division with Warner Bros Discovery, creating a much larger unit that would rival Walt Disney.  But it would have taken years to execute, the sources said. Comcast declined to comment. Although Paramount raised its offer to $30 per share on Thursday for the entire company, for an equity value of $78 billion, according to sources familiar with the deal, the Warner Bros board had concerns about the financing, other sources said.  Paramount declined comment. To reassure the seller over what is expected to be a significant regulatory review, Netflix put forward one of the largest breakup fees in M&A history of $5.8 billion, a sign of its belief it would win regulatory approval, the sources said. “No one lights $6 billion on fire without that conviction," one of the sources said. Until the moment late on Thursday night when Netflix learned its offer had been accepted – news that was greeted by clapping and cheering on a group call – one Netflix executive confided that they thought they had only a 50-50 chance. (Reporting by Dawn Chmielewski in Los Angeles and Milana Vinn in New York; Editing by Kenneth Li and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES/NEW YORK, Dec 5 (Reuters) – What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters. Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion.  Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance. Details of Netflix's plan and the Warner Bros board's deliberations, based on interviews with seven advisers and executives, are reported here for the first time. Initially motivated by curiosity about its business, Netflix executives quickly recognized the opportunity presented by Warner Bros, beyond the ability to offer the century-old studio's deep catalog of movies and television shows to Netflix subscribers. Library titles are valuable to streaming services as these movies and shows can account for 80% of viewing, according to one person familiar with the business.  Warner Bros' business units – particularly its theatrical distribution and promotion unit and its studio – were complementary to Netflix. The HBO Max streaming service also would benefit from insights learned years ago by streaming leader Netflix that would accelerate HBO's growth, according to one person familiar with the situation. Netflix began flirting with the idea of acquiring the studio and streaming assets, another source familiar with the process told Reuters, after WBD announced plans in June to split into two publicly traded companies, separating its fading but cash-generating cable television networks from the legendary Warner Bros studios, HBO and the HBO Max streaming service.  Netflix and Warner Bros did not reply to requests for comment. The work intensified this autumn, as Netflix began vying for the assets against Paramount and NBCUniversal's parent company, Comcast. 'STRATEGIC FLEXIBILITY' Warner Bros kicked off the public auction in October, after Paramount submitted the first of three escalating offers for the media company in September. Sources familiar with the offer said Paramount aimed to pre-empt the planned separation because the split would undercut its ability to combine the traditional television networks businesses and increase the risk of being outbid for the studio by the likes of Netflix. Around that time, banker JPMorgan Chase & Co   was advising Warner Bros Discovery CEO David Zaslav to consider reversing the order of the planned spin, shedding the Discovery Global unit comprising the company's cable television assets first. This would give the company more flexibility, including the option to sell the studio, streaming and content assets, which advisers believed would draw strong interest, according to sources familiar with the matter. Executives for the streaming service and its advisory team, which included the investment banks Moelis & Company, Wells Fargo and the law firm Skadden, Arps, Slate, Meagher & Flom, had been holding daily morning calls for the past two months, sources said. The group worked throughout Thanksgiving week – including multiple calls on Thanksgiving Day – to prepare a bid by the December 1 deadline. Warner Bros' board similarly convened every day for the last eight days leading up to the decision on Thursday, when Netflix presented the final offer that sources described as the only offer they considered binding and complete, sources familiar with the deliberations said.   The board favored Netflix's deal, which would yield more immediate benefits over one by Comcast. The NBCUniversal parent proposed merging its entertainment division with Warner Bros Discovery, creating a much larger unit that would rival Walt Disney.  But it would have taken years to execute, the sources said. Comcast declined to comment. Although Paramount raised its offer to $30 per share on Thursday for the entire company, for an equity value of $78 billion, according to sources familiar with the deal, the Warner Bros board had concerns about the financing, other sources said.  Paramount declined comment. To reassure the seller over what is expected to be a significant regulatory review, Netflix put forward one of the largest breakup fees in M&A history of $5.8 billion, a sign of its belief it would win regulatory approval, the sources said. “No one lights $6 billion on fire without that conviction," one of the sources said. Until the moment late on Thursday night when Netflix learned its offer had been accepted – news that was greeted by clapping and cheering on a group call – one Netflix executive confided that they thought they had only a 50-50 chance. (Reporting by Dawn Chmielewski in Los Angeles and Milana Vinn in New York; Editing by Kenneth Li and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Juby Babu, Jaspreet Singh and Kritika Lamba Dec 5 (Reuters) – Warner Bros Discovery has agreed to sell its iconic studio and streaming assets to Netflix for $72 billion, in a move that will reshape Hollywood by creating a vertically integrated media powerhouse. The deal caps a weeks-long bidding war with Paramount Skydance and Comcast. The media and entertainment industry is currently experiencing profound shifts, marked by intensified competition and a transition to streaming amid a declining traditional linear television business. Here is a snapshot of how major media companies are performing in a tough industry: WARNER BROS DISCOVERY The media giant, which owns streaming service HBO Max, has a vast library of feature films, including franchises such as "Wonder Woman," "Harry Potter" and "Batman." Its studios include Warner Bros Motion Picture Group, DC Studios and Warner Bros Television Group. The company's total revenue for fiscal 2024 fell about 5% to $39.32 billion. The studios' revenue declined 5% to $11.61 billion. Warner Bros Pictures Animation began its journey with the iconic "Looney Tunes" in 1930 and has produced classics such as "The Iron Giant," "The Lego Movie" franchise and "Happy Feet." The company's direct-to-consumer unit, now named Streaming, includes the HBO Max and discovery+ streaming platforms and added 2.3 million net subscribers in the third quarter, reaching 128 million global subscribers, up 16% year over year. NETFLIX The streaming company's revenue rose about 16% to $39 billion last year. It had 301.6 million total subscribers in 2024. It primarily derives revenue from subscriptions and has also rolled out ad-supported plans. Major movies and series include "Stranger Things" and "KPop Demon Hunters". It added 589 new Netflix Originals in 2024, up nearly 4% from 2023. YOUTUBE Owned by Alphabet, YouTube said in March that it had over 125 million paying subscribers though those figures include users who are signed up for temporary free trials. Ads comprise the majority of YouTube's revenue, accounting for $36 billion of Alphabet's $350 billion in overall 2024 revenue. For the third quarter of 2025, the video streaming service posted advertising revenue of $10.26 billion. YouTube TV has seen rapid growth as a pay-TV platform and is the fourth-largest pay-TV provider in the U.S. with about 10 million subscribers. WALT DISNEY Walt Disney and brother Roy Disney founded "Disney Brothers Cartoon Studio" after signing a contract with distributor M.J. Winkler for "Alice Comedies" in October 1923. The studio was renamed Walt Disney Studios in 1926. Its portfolio also includes Pixar Animation Studios, Lucasfilm, Marvel Studios, Searchlight Pictures and 20th Century Studios. The company's total revenue rose 3% to $91.36 billion last year. Disney ended the fourth quarter of fiscal 2025 with 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million from the year-ago period. Disney is home to popular film franchises such as "Avengers," "Guardians of the Galaxy," "Pirates of the Caribbean" and "Star Wars". It is also home to the ABC network. Cumulatively through September 28, 2024, the company had released about 1,100 full-length live-action films and 100 full-length animated films. Disney closed its $71 billion acquisition of Twenty-First Century Fox Inc's film and television assets in 2019, expanding its portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, "Avatar" and "The Simpsons" franchises. PARAMOUNT GLOBAL Before its merger with Skydance Media, Paramount's total revenue fell 1% to $29.21 billion last year. Its TV Media segment revenue, which makes up the bulk of its sales, fell 7% to $18.78 billion, hurt by declines in linear advertising and fewer major sporting events on CBS. By contrast, the direct-to-consumer division, which includes Paramount+ and Pluto TV, surged 13% to $7.63 billion, driven by subscriber growth and price increases. Founded in 1912, the studio's library consists of more than 1,200 film titles including "Star Trek," "The Godfather" and "Mission: Impossible," with rights to an additional 2,800. Paramount is the parent of CBS and agreed to pay $16 million to settle a lawsuit filed by U.S. President Donald Trump against the network over a "60 Minutes" interview. In the third quarter of 2025, Paramount+ added 1.4 million subscribers, bringing its total to 79.1 million worldwide.  The company also narrowed its streaming losses, signaling progress toward its goal of achieving domestic profitability in 2025. Paramount Pictures, considered the jewel of Paramount Global, has attracted many suitors over the years.   COMCAST Total revenue for Comcast, which owns NBCUniversal, rose 1.8% to $123.73 billion for fiscal 2024. Peacock streaming service generated revenue of $4.9 billion last year and as of the third quarter of 2025, Peacock had 41 million total paid subscribers. Universal Pictures, founded in 1912, has created classics such as "Jurassic Park," "Fast and Furious," "Minions," "Jaws" and "E.T. the Extraterrestrial". Its film library consists of more than 6,500 titles, according to its annual report. Comcast is in the process of spinning off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant early next year. AMAZON Amazon.com , best known for its e-commerce business, has built a significant presence in streaming through Prime Video, a service included with its Prime membership that produces a wide range of original programming, from hit series like "The Boys" and "The Lord of the Rings: The Rings of Power" to big-budget films, and also rents and sells movies and TV shows to both members and non-members.  In 2022, Amazon deepened its entertainment push by acquiring MGM for $8.5 billion, adding thousands of films and TV episodes, including the "James Bond" franchise, to its library. (Reporting by Jaspreet Singh, Kritika Lamba in Bengaluru and Juby Babu in Mexico City; Editing by Alan Barona)

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By Daniel Trotta Dec 5 (Reuters) – Hollywood unions and theater owners on Friday sounded the alarm over Netflix's proposed $72 billion takeover of Warner Bros Discovery, warning the deal would cut jobs, concentrate power and reduce theatrical movie releases if the deal passes regulatory review. The deal would place the streaming giant's HBO brands under the Netflix umbrella and also hand control of the historic Warner Bros studio over to Netflix, which has already upended Hollywood by hastening the shift from movie releases in cinemas to home streaming. Netflix, the force behind "Stranger Things" and "Squid Game," could gain control of marquee Warner Bros titles such as "Batman" and "Casablanca."  "This merger must be blocked," the Writers Guild of America East and West said in a statement. "The world’s largest streaming company swallowing one of its biggest competitors is what antitrust laws were designed to prevent." The deal faces antitrust reviews in the United States and Europe, and American politicians have already expressed skepticism. The Writers Guild, which represents writers in motion pictures, television, cable, broadcast news, podcasts and online media, raised concerns over job cuts, wage reductions, higher prices for consumers and worsening conditions for entertainment workers. Netflix said it expects to generate at least $2 billion to $3 billion in annual cost savings by the third year after the deal closes. The Netflix-Warner Bros deal risks eliminating 25% of the annual domestic box office, said Cinema United, the trade group representing 30,000 movie screens in the United States and 26,000 internationally. Netflix does release some films in theaters before making them available to subscribers, and the company said it would maintain theatrical releases for Warner Bros films and support Hollywood creative professionals.  Netflix said the deal would give subscribers more shows and films, boost its U.S. production and long-term spending on original content and create more jobs and opportunities for creative talent. Warner Bros Discovery did not immediately respond to Reuters requests for comment on the opponents' concerns. But Cinema United President Michael O'Leary called the merger "an unprecedented threat" and questioned whether Netflix would maintain the current level of distribution. "Sporadic and truncated theatrical releases to meet awards criteria in a handful of theaters is not a commitment to exhibition," O'Leary said. The Hollywood Teamsters, who represent drivers, casting professionals, mechanics and other workers in the entertainment industry, also opposed the deal, calling for "opposition across all levels of government" while urging antitrust enforcers to reject the deal. "Teamsters have been clear on our position that greed-fueled consolidation of corporate power, no matter what industry, is a direct threat to good union jobs, the livelihood of our members and the very existence of our industry," the union said in a statement. The Directors Guild of America, however, was more reserved, saying it had significant concerns to discuss with Netflix. "We will be meeting with Netflix to outline our concerns and better understand their vision for the future of the company. While we undertake this due diligence, we will not be commenting further," the DGA said in a statement. The screen actors union SAG-AFTRA said the merger "raises many serious questions" and it would comment further on the impact on its members after analyzing the deal. (Reporting by Daniel Trotta in Carlsbad, California; Editing by Peter Henderson and Lisa Shumaker)

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By Juby Babu, Jaspreet Singh and Kritika Lamba Dec 5 (Reuters) – Warner Bros Discovery has agreed to sell its iconic studio and streaming assets to Netflix for $72 billion, in a move that will reshape Hollywood by creating a vertically integrated media powerhouse. The deal caps a weeks-long bidding war with Paramount Skydance and Comcast. The media and entertainment industry is currently experiencing profound shifts, marked by intensified competition and a transition to streaming amid a declining traditional linear television business. Here is a snapshot of how major media companies are performing in a tough industry: WARNER BROS DISCOVERY The media giant, which owns streaming service HBO Max, has a vast library of feature films, including franchises such as "Wonder Woman," "Harry Potter" and "Batman." Its studios include Warner Bros Motion Picture Group, DC Studios and Warner Bros Television Group. The company's total revenue for fiscal 2024 fell about 5% to $39.32 billion. The studios' revenue declined 5% to $11.61 billion. Warner Bros Pictures Animation began its journey with the iconic "Looney Tunes" in 1930 and has produced classics such as "The Iron Giant," "The Lego Movie" franchise and "Happy Feet." The company's direct-to-consumer unit, now named Streaming, includes the HBO Max and discovery+ streaming platforms and added 2.3 million net subscribers in the third quarter, reaching 128 million global subscribers, up 16% year over year. NETFLIX The streaming company's revenue rose about 16% to $39 billion last year. It had 301.6 million total subscribers in 2024. It primarily derives revenue from subscriptions and has also rolled out ad-supported plans. Major movies and series include "Stranger Things" and "KPop Demon Hunters". It added 589 new Netflix Originals in 2024, up nearly 4% from 2023. YOUTUBE Owned by Alphabet, YouTube said in March that it had over 125 million paying subscribers though those figures include users who are signed up for temporary free trials. Ads comprise the majority of YouTube's revenue, accounting for $36 billion of Alphabet's $350 billion in overall 2024 revenue. For the third quarter of 2025, the video streaming service posted advertising revenue of $10.26 billion. YouTube TV has seen rapid growth as a pay-TV platform and is the fourth-largest pay-TV provider in the U.S. with about 10 million subscribers. WALT DISNEY Walt Disney and brother Roy Disney founded "Disney Brothers Cartoon Studio" after signing a contract with distributor M.J. Winkler for "Alice Comedies" in October 1923. The studio was renamed Walt Disney Studios in 1926. Its portfolio also includes Pixar Animation Studios, Lucasfilm, Marvel Studios, Searchlight Pictures and 20th Century Studios. The company's total revenue rose 3% to $91.36 billion last year. Disney ended the fourth quarter of fiscal 2025 with 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million from the year-ago period. Disney is home to popular film franchises such as "Avengers," "Guardians of the Galaxy," "Pirates of the Caribbean" and "Star Wars". It is also home to the ABC network. Cumulatively through September 28, 2024, the company had released about 1,100 full-length live-action films and 100 full-length animated films. Disney closed its $71 billion acquisition of Twenty-First Century Fox Inc's film and television assets in 2019, expanding its portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, "Avatar" and "The Simpsons" franchises. PARAMOUNT GLOBAL Before its merger with Skydance Media, Paramount's total revenue fell 1% to $29.21 billion last year. Its TV Media segment revenue, which makes up the bulk of its sales, fell 7% to $18.78 billion, hurt by declines in linear advertising and fewer major sporting events on CBS. By contrast, the direct-to-consumer division, which includes Paramount+ and Pluto TV, surged 13% to $7.63 billion, driven by subscriber growth and price increases. Founded in 1912, the studio's library consists of more than 1,200 film titles including "Star Trek," "The Godfather" and "Mission: Impossible," with rights to an additional 2,800. Paramount is the parent of CBS and agreed to pay $16 million to settle a lawsuit filed by U.S. President Donald Trump against the network over a "60 Minutes" interview. In the third quarter of 2025, Paramount+ added 1.4 million subscribers, bringing its total to 79.1 million worldwide.  The company also narrowed its streaming losses, signaling progress toward its goal of achieving domestic profitability in 2025. Paramount Pictures, considered the jewel of Paramount Global, has attracted many suitors over the years.   COMCAST Total revenue for Comcast, which owns NBCUniversal, rose 1.8% to $123.73 billion for fiscal 2024. Peacock streaming service generated revenue of $4.9 billion last year and as of the third quarter of 2025, Peacock had 41 million total paid subscribers. Universal Pictures, founded in 1912, has created classics such as "Jurassic Park," "Fast and Furious," "Minions," "Jaws" and "E.T. the Extraterrestrial". Its film library consists of more than 6,500 titles, according to its annual report. Comcast is in the process of spinning off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant early next year. AMAZON Amazon.com , best known for its e-commerce business, has built a significant presence in streaming through Prime Video, a service included with its Prime membership that produces a wide range of original programming, from hit series like "The Boys" and "The Lord of the Rings: The Rings of Power" to big-budget films, and also rents and sells movies and TV shows to both members and non-members.  In 2022, Amazon deepened its entertainment push by acquiring MGM for $8.5 billion, adding thousands of films and TV episodes, including the "James Bond" franchise, to its library. (Reporting by Jaspreet Singh, Kritika Lamba in Bengaluru and Juby Babu in Mexico City; Editing by Alan Barona)

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