Netflix Inc. agreed to buy Warner Bros. Discovery Inc., marking a seismic shift in the entertainment business as a Silicon Valley-bred streaming giant swallows one of Hollywood’s oldest and most revered studios. Warner Bros. will spin off cable networks such as CNN and TNT into a separate company before concluding the sale of its studio and HBO to Netflix. The deal is expected to close in the next 18 months. Bloomberg’s Jennifer Rie joins to break down the legal ramifications for the deal.
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