For more than a century, the studio has developed era-defining films, supported innovation and created space for artists to explore creativity.

The competition between Netflix and Paramount Skydance to acquire the studio is haunted by the ghosts of mergers past.

A major transaction has long felt inevitable. The 2022 merger saddled the company with roughly $50 billion in debt, leaving its leadership little choice but to explore a breakup or sale. If the split proceeds, WBD CEO David Zaslav would continue leading the Warner Bros. side, and Discovery Global would be led by current CFO David Wiedenfels.

Netflix CEO Ted Sarandos breaks silence on theatrical release plan after massive Warner Bros. takeover and public outcry about movies.

In the wake of freaking out the industry and theater owners with its winning bid for Warner Bros on Thursday, coupled with Paramount's hostile takeover proposal, Netflix co-CEOs Ted Sarandos and Greg Peters jumped on a Wall Street call again today to pour cold water on the fire,

CEO Ted Sarandos said the streaming giant is “committed” to theatrical releases for Warner Bros. films after acquisition but promised “evolving windows.”