LOS ANGELES —

Netflix has triumphed in the bidding war for Warner Bros. and HBO.

On Friday morning, Netflix said it has reached a deal with Warner Bros. Discovery to buy the legendary TV and movie studio and assets like the HBO Max streaming service for $72 billion.

The announcement jolted Hollywood and jumbled expectations about the next steps for Warner Bros. Discovery.

Warner Bros. Discovery is moving forward with its plans to split into two publicly traded halves in 2026. Once the split takes effect, Netflix intends to acquire the Warner half. The other half, Discovery Global, will house CNN and other cable channels.

A combination of Netflix, Warner Bros. and HBO will require intense regulatory review in the U.S. and other countries.

The combo would create a streaming entertainme

See Full Page