More than half the £101m spend has been on legal fees – including bringing in external lawyers.
Analysts say a tie-up could offer benefits to the struggling traditional pay TV networks as well, giving them greater clout in business negotiations and presenting opportunities for cost savings.
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Netflix and WBD announced merger intentions on December 5. Netflix was going to pay an equity value of $72 billion, or an approximate total enterprise value of $82.7 billion, for part of WBD. At the time, NBC News reported that WBD’s total market value was $60 billion.
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