What’s happened? Netflix has officially reached a “definitive agreement” to acquire Warner Bros. from its parent company.

As part of the deal, Warner Bros. Discovery will sell Warner Bros., along with its film and television studios, and the streaming businesses of HBO Max and HBO .

The deal is a cash-and-stock package valuing the acquisition at about $82.7 billion.

However, it excludes Warner Bros. Discovery’s legacy cable networks, including CNN, TNT/TBS, and Discovery channels. These will be spun off into a different public company called Discover Global.

Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitte

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