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The Netflix and Warner Bros. Discovery deal came together quickly — but its path to regulatory approval may not be so speedy.

Netflix stunned the media industry on Friday when it announced its proposed $72 billion deal to acquire the iconic Warner Bros. film studio and streaming service HBO Max. The combination brings together two of the most popular streaming platforms in the business. Netflix reported 300 million global subscribers as of late 2024, the last time it reported the metric. HBO Max had 128 million customers as of Sept. 30.

Netflix currently claims 46% of mobile app monthly active users in global streaming, according to data from market intelligence firm Sensor Tower .

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