Netflix on Friday said it is buying Warner Bros. in a deal valued at $82.7 billion, merging the biggest streaming service with a storied studio that has produced films such as "Casablanca" and the "Harry Potter" franchise.

In a statement, Netflix said the deal is expected to close after Warner Bros. Discovery spins off its television networks division, Discovery Global, which is now expected to be completed in the third quarter of 2026.

Netflix said it will buy Warner Bros. for $27.75 per share, giving the deal an equity value of $72 billion and a total enterprise value of $82.7 billion. The transaction is expected to close in 12 to 18 months, Netflix said.

The agreement comes after Warner Bros. Discovery, the parent of Warner, had announced in June that it planned to split in two

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