By Harshita Mary Varghese and Aditya Soni

Dec 5 (Reuters) – Netflix has agreed to buy Warner Bros Discovery’s TV, film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood’s most prized and oldest assets to the streaming pioneer.

The agreement, announced on Friday, follows a weeks-long bidding war in which Netflix offered nearly $28-a-share, eclipsing Paramount Skydance’s close to $24 bid for the whole of Warner Bros Discovery, including the cable TV assets slated for a spinoff.

Buying the owner of marquee franchises including “Game of Thrones”, “DC Comics” and “Harry Potter” will further tilt the balance of power in Hollywood in favor of Netflix.

It would help the streaming giant, which has so far built its dominance without major deals or

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