Netflix on Friday announced a landmark agreement to acquire Warner Bros. Discovery’s studio and streaming operations for 72 billion dollars, a move that would unite two of the biggest names in global entertainment.

Under the deal, Netflix would take over Warner’s flagship film and television units, along with HBO Max and DC Studios. Netflix, already a dominant force in on-demand viewing with hits like “Stranger Things” and “Squid Game,” has steadily expanded its own production capabilities in recent years, reports UNB.

The cash-and-stock offer values Warner at 27.75 dollars per share, setting its total enterprise value at about 82.7 billion dollars. The transaction is expected to be completed in the third quarter of 2026, after Warner spins off its Discovery Global cable networks into a separate publicly traded company.