Netflix has agreed an $83billion takeover of Warner Bros Discovery's TV and film studios in a deal that hands one of Hollywood 's most prized assets to the streaming giant.

The deal puts two of the industry’s biggest players in film and television under one roof and means Netflix will control one of the biggest libraries of content in Hollywood, including Harry Potter, Game of Thrones and DC Comics.

Netflix won the deal at auction, seeing off rival bids by the David Ellison-led Paramount and Comcast.

WBD boss David Zaslav said: “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

The cash and stock deal is valued at $27.75 per WBD share, resulting in a total enterprise value of around

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