General views of the Warner Brothers studio lot on December 13, 2023 in Burbank, California. (Photo by AaronP/Bauer-Griffin/GC Images) AaronP/Bauer-Griffin/GC Images/Getty Images

Netflix has triumphed in the bidding war for Warner Bros. and HBO.

On Friday morning, Netflix said it has reached a deal with Warner Bros. Discovery to buy the legendary TV and movie studio and assets like the HBO Max streaming service for $72 billion.

The announcement jolted Hollywood and jumbled expectations about the next steps for Warner Bros. Discovery, which is also the parent company of CNN.

Warner Bros. Discovery is moving forward with its plans to split into two publicly traded halves in 2026. Once the split takes effect, Netflix intends to acquire the Warner half. The other half, Discovery Global,

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