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Netflix and Warner Bros. Discovery.

In a watershed move, Warner Bros. Discovery announced Friday it has agreed to sell its streaming and studios assets to Netflix in a deal valued at $82.7 billion, setting the stage for one of the most sweeping and consequential mergers in modern Hollywood history.

If approved by federal regulators, the transaction promises to create a new entertainment and media behemoth, uniting the world’s largest streaming destination with a storied 102-year-old film studio.

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Warner Bros.’ portfolio includes HBO, the HBO Max streaming platform and the “Harry Potter” movie franchise. Netflix, home of “Stranger Things” and “Squid Game,” reaches more than 300 million paid

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