LOS ANGELES —

Netflix has triumphed in the bidding war for Warner Bros. and HBO, announcing a deal that could combine two of the three biggest streamers with one of the largest traditional movie and television studios.

If the deal goes through, it will fundamentally reshape Hollywood at a precarious time for the entertainment business.

But first it will be subjected to intense regulatory review in the U.S. and other countries.

Netflix announced the blockbuster deal with Warner Bros. Discovery on Friday morning. It has agreed to buy the legendary TV and movie studio and assets like the HBO Max streaming service for $72 billion, plus debt.

The announcement jolted Hollywood and jumbled expectations about the next steps for Warner Bros. Discovery.

Warner Bros. Discovery (WBD) said it i

See Full Page