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.

The agreement comes after Warner Bros. Discovery, the parent of Warner, had announced in June that it planned to split in two , dividing its cable networks such as CNN and TNT Sports from its streaming and studios business, including HBO Max and Warner Bros. Television.

But in October, Warner Bros. Discovery said it had attracted interest from

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