1After a heated bidding war , Netflix on Friday morning announced it will acquire Warner Bros. in a $72-billion deal poised to overhaul the entertainment industry.

The high-profile deal, which totals $82.7 billion with Warner Bros.’ debt included, represents an unprecedented consolidation — giving Netflix control of iconic franchises such as “Harry Potter” and the DC Universe, plus classics from “Casablanca” to “Citizen Kane.” With its acquisition, Netflix beat out competitors Paramount and Comcast to vastly expand its content library and bring its subscriber base to above 420 million.

Not included in the acquisition are Warner Bros.’ cable channels, including CNN, TNT and HGTV, which will be part of a new publicly traded company, Discovery Global, in mid-2026.

While Netflix thus far

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