(CNN) — Netflix announced Friday that it has agreed to acquire Warner Bros. Discovery’s film studio and HBO assets, including the streaming service, for $82.7 billion, including debt.

Netflix outbid media conglomerates Paramount and Comcast in a bidding war that began after Warner Bros. Discovery announced in June that it would split into two companies in mid-2026.

Warner Bros. Discovery is the parent company of CNN.

Netflix expects the acquisition will close in 12-18 months.

Warner Bros. Pictures is one of the five big Hollywood studios, which include Paramount Pictures, Sony Pictures, Universal Pictures and Walt Disney Studios.

Warner Bros. Pictures was founded in 1923 by brothers Harry, Albert, Samuel and Jack Warner. It now operates on a 110-acre lot in Burbank, California.

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