Netflix has announced that it plans to acquire Warner Bros for $82.7 billion.

Paramount on Monday mounted a hostile takeover bid for Warner Bros. Discovery, a brazen attempt to secure a Hollywood prize snatched away by Netflix last week.

“Today’s move was entirely expected,” Sarandos said. “We have a deal done, and we are incredibly happy with the deal. We think it’s great for our shareholders. It’s great for consumers. We think it’s ...