Netflix has agreed to buy Warner Bros. Discovery's TV and film studios and streaming division for $72 billion US, a deal that would hand control of one of Hollywood's most prized and oldest assets to the streaming pioneer that has upended the media industry.

The agreement announced Friday follows a weeks-long bidding war where Netflix seized the lead with a nearly $28-a-share offer that eclipsed Paramount Skydance's nearly $24 bid for the whole of Warner Bros. Discovery, including the cable TV assets slated for a spinoff.

Warner Bros. Discovery shares closed at $24.50 on Thursday, giving it a market value of $61 billion.

Buying the owner of marquee franchises including Game of Thrones , DC Comics and the Harry Potter franchise will further tilt the power balance in Hollywood in favo

See Full Page