Netflix on Friday said it is buying Warner Bros. in a deal valued at $82.7 billion, merging the biggest streaming service with a storied studio that has produced films such as "Casablanca" and the "Harry Potter" franchise.

In a statement, Netflix said the deal is expected to close after Warner Bros. Discovery spins off its television networks division, Discovery Global, which is now expected to be completed in the third quarter of 2026.

—This is breaking news and will be updated.

Edited by Alain Sherter

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