Warner Bros. agrees to be acquired by Paramount in $110 billion deal, reports say

Two of Hollywood's oldest studios are consolidating into one, aft Warner Bros. Discovery connected Friday agreed to beryllium acquired by Paramount Skydance successful a woody worthy $110 billion, Reuters and Deadline reported, citing remarks by a apical Warner Bros. executive.

Bruce Campbell, Warner Bros.' main gross and strategy officer, made the announcement astatine a greeting municipality hall, according to Reuters.

The announcement came aft a monthslong bidding war, successful which Paramount emerged arsenic the victor successful the combat to get the storied Warner Bros.

Netflix, who backed distant from the woody Thursday, had hoped to triumph the movie workplace and its immense movie library. Paramount wants it all: Movies, cablegram networks and news.

Almost 10 years ago, Hollywood's large six became the large 5 erstwhile Disney bought astir of 20th Century Fox. Now the large 5 looks similar it's destined to go the large four, including Universal and Sony, and the concern of Hollywood moviemaking is 1 again successful a clip of profound transition.

The Associated Press contributed to this report.