Netflix has entered a "definitive agreement" to acquire Warner Bros Discovery, Inc. , which includes its film and television studios, HBO Max and HBO , the two companies announced on Friday (December 5).

The total enterprise value is approximately $82.7 billion, with an equity value of $72 billion and cash and stock valued at $27.75 per share, pending approval as one of the most sweeping and consequential mergers in modern Hollywood's history. The merger doesn't, however, include Warner-owned channels such as CNN and TNT .

“Our mission has always been to entertain the world,” said Ted Sarandos , co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Pott

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