It’s official: Netflix and Warner Bros. Discovery announced an agreement Friday under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.

The deal has a total enterprise value (including debt) of approximately $82.7 billion, with an equity value of $72 billion, the companies said. The announcement of Netflix’s deal to buy the Warner Bros. streaming and studios business came after a weeks-long bidding war that pitted the streaming giant against David Ellison’s Paramount Skydance and Comcast. News broke Thursday evening that Netflix had entered into exclusive negotiations with WBD on a deal for Warner Bros. and HBO Max.

Netflix said it expects “to maintain Warner Bros.’ current operations and build on its strengths,” including theatric

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