In a watershed move, Warner Bros. Discovery announced Friday it has agreed to sell its streaming and studios assets to Netflix in a deal valued at $82.7 billion, setting the stage for one of the most sweeping and consequential mergers in modern Hollywood history.

If approved by federal regulators, the transaction promises to create a new entertainment and media behemoth, uniting the world’s largest streaming destination with a storied 102-year-old film studio.

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Warner Bros.’ portfolio includes HBO, the HBO Max streaming platform and the “Harry Potter” movie franchise. Netflix, home of “Stranger Things” and “Squid Game,” reaches more than 300 million paid subscribers across over 190 countries.

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