On Friday morning, Netflix announced an agreement to acquire Warner Bros.’ film and TV studios, HBO and HBO Max and DC Entertainment in a cash-and-stock deal that values the assets at about $82.7 billion, including debt. The equity portion of the deal is $72 billion.

The transaction, per Newsweek , follows a monthslong bidding war against Comcast and Paramount Skydance. The announcement came as Warner Bros. Discovery prepares to split into two companies:

Warner Bros. — studios, HBO/HBO Max, DC and the major content libraries, this is what Netflix is buying.

Discovery Global — the “Global Linear Networks” business, including CNN, TBS, TNT, HGTV and other cable channels, which will remain a separate, publicly traded company.

The deal is expected to close in the next 12 to 18 months,

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