Netflix has agreed to acquire Warner Bros. Discovery’s studio and streaming business in a landmark $72 billion deal, uniting two of Hollywood’s most influential entertainment companies. The agreement, announced early Friday, will give Netflix control of Warner Bros.’ film and television assets, including HBO Max and DC Studios, alongside its own dominant streaming platform and original hits such as Stranger Things, Kpop Demon Hunters and Squid Game.

The transaction, structured as a cash-and-stock deal valued at $27.75 per Warner share, places Warner’s enterprise value at approximately $82.7 billion. The deal is expected to close in late 2026, following Warner’s planned spin-off of its Discovery Global cable operations into a separate publicly traded company.

Netflix co-CEO Ted Sarandos s

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