NEW YORK (AP) — Netflix has struck a deal with Warner Bros. Discovery to buy the legacy Hollywood giant’s studio and streaming business for $72 billion.

The acquisition, announced Friday, would bring two of the industry’s biggest players in film and TV under one roof. Beyond its namesake television and motion picture division, Warner owns HBO Max and DC Studios. And Netflix has risen to dominance as a household name ubiquitous to on-demand content, while building its own production arm to release popular titles like “Stranger Things” and “Squid Game.”

The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of approximately $82.7 billion. The transaction is expected to close after Warner separates its Discovery Global cable operations into a new publicly-traded company in the third quarter of 2026.