LOS GATOS, California - Unless you've been living under a cave, Netflix needs no introduction. Without further ado, it has agreed to purchase the embattled-yet-powerful social media giant Twitter for approximately $29.688 billion, ending its turbulent run on Wall Street and bringing it under a more diverse corporate umbrella.
Netflix will pay $39 in cash for each share of Twitter and plans to finance the deal through borrowing - adding to an already-hefty debt load for the high-flying streamer. Yet Wall Street seems to lack concern over the deal - Netflix stock popped on the news. And with Netflix and Twitter being, quite possibly, two of the most powerful entities on Earth, the Los Gatos-based company isn't breaking a sweat.
"It's so close. We are so close now," said Netflix CEO Reed Hastings. "So close." Presumably, he was finally acknowledging Netflix's long-rumored, yet never confirmed desire for world domination. "Disney? Amazon? Kiss it!"
The deal is expected to easily earn regulatory clearance given the lack of overlap between Netflix and Twitter's business.