One of the world’s most popular streaming businesses, Netflix , will own one of the most iconic film studios: Warner Bros.

Netflix announced Friday morning that it will buy Warner Bros. Discovery, Inc. at a price of $27.75 per share, or around $82.7 billion.

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The deal merges Netflix with another popular streamer, HBO Max. Netflix’s acquisition narrows the competition field and bolsters the company against Disney’s streaming portfolio.

Netflix competed with Paramount Inc. and Comcast to buy Warner Bros. Discovery. Paramount expressed concerns that the bidding process wasn’t f

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