Apple’s efforts to acquire Warner Bros. Discovery to bolster the Apple TV streaming service ended in disappointment Friday, with Netflix emerging victorious in one of Hollywood’s most competitive bidding wars in recent years.
Netflix said Friday it will purchase Warner Bros. Discovery’s entertainment assets for $72 billion, outbidding Apple and other tech giants to secure one of the industry’s most valuable content libraries. The deal, far larger than any Netflix (or Apple, for that matter) has attempted to date, includes Warner Bros. studios, HBO and the HBO Max streaming service. Those assets would have dramatically transformed Apple TV’s positioning in the streaming wars.