Netflix has won the massive bidding war to acquire Warner Bros.

On Friday morning (December 5), it was announced that the streaming company will gain control over Warner Bros.’ film and TV studios, as well as HBO and the streaming service HBO Max , in a massive deal valued at an estimated $82.7 billion.

In a press release obtained by Entertainment Weekly , Netflix said it will “maintain Warner Bros. current operations and build on its strengths, including theatrical releases for films.”

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

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