The Netflix logo is seen at the Netflix Tudum Theater in Los Angeles, California. The streaming giant has agreed to acquire film and television studio Warner Bros. Discovery for nearly US$83 billion. Photo by Patrick T. FALLON / AFP via Getty Images

Netflix Inc. sent shockwaves through the entertainment industry on Friday when it announced it had agreed to buy Warner Bros. Discovery in a US$82.7 billion deal.

The takeover will create a streaming giant, combining Warner Bros. content studios and HBO streaming service with Netflix’s already massive streaming audience.

The deal, which does not include Discovery Global division, which is being spun off separately, is already facing opposition from the movie theatre industry and some Hollywood A-listers and seems destined to face an in

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