Netflix has announced that it intends to buy legendary Hollywood studio Warner Bros. in a deal valued at approximately $82.7 billion.

The deal, which must be approved by regulators, will further consolidate the entertainment industry and give Netflix ownership of some of the most iconic films and television franchises ever, not to mention HBO.

Here’s what you need to know:

What’s happened?

Today, Netflix and Warner Bros announced a deal in which Netflix will purchase the legendary Hollywood studio, along with its HBO Max and HBO divisions, for a total enterprise value of approximately $82.7 billion (which Netflix says has an equity value of $72.0 billion).

The deal isn’t exactly a surprise, as Warner Bros had previously put itself up for sale publicly and Netflix was expected to be on

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