In an announcement, Netflix said the transaction should deliver $2 billion to $3 billion in cost savings annually by its third year. However, the company also noted that the deal will enhance Netflix’s studio capabilities and expand U.S. production, creating more entertainment industry jobs.
The agreement will now face antitrust scrutiny in both the U.S. and Europe. Ahead of the announcement, Paramount Skydance sent several letters to WBD, sharing concerns about the bidding process and calling it unfair.
