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Netflix is going to buy Warner Bros. ... and they are dropping an insane amount of cash in a move that most believe will reshape the entertainment industry.

News broke Friday morning that Netflix agreed to purchase Warner Bros Discovery's TV, film studios and streaming division for $72 billion -- in a freaking cash and stock deal!

As you know ... WB had a for sale sign out for a few weeks ... and a bidding war was underway, which included Paramount Skydance, along with the winner, Netflix.

Basically, Netflix will own "Game of Thrones", Superman, Batman and Harry Potter ... among a ton of other classic IP from the famed Hollywood studio.

Lights, camera, action indeed!

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