Netflix ( NFLX 1.98% ) could change the streaming and media industries forever with its pending acquisition of Warner Bros. Discovery 's ( WBD +3.98% ) film and television studios, which include HBO and HBO Max. It's one of the largest acquisitions ever announced in all media. The deal does not include Warner Bros' cable assets, which will be spun off into a separate company.

While the industry has already begun to consolidate, this signals a major shift, with many more streaming companies likely to be acquired in the future, leaving a few large competitors to dominate the space.

Here are six things investors should know.

1. Netflix is paying an enormous sum

Netflix will acquire Warner Bros.' assets for a total enterprise value of nearly $83 billion, which includes a

See Full Page