Netflix has agreed to buy Warner Bros Discovery's TV and film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood's most prized and oldest assets to the streaming pioneer that has upended the media industry.

The agreement - announced on Friday - follows a weeks-long bidding war where Netflix seized the lead with a nearly $28-a-share offer that eclipsed Paramount Skydance's nearly $24 bid for the whole of Warner Bros Discovery, including the cable TV assets slated for a spinoff.

Warner Bros Discovery shares closed at $24.5 on Thursday, giving it a market value of $61 billion.

Buying the owner of marquee franchises including "Game of Thrones", "DC Comics" and "Harry Potter" will further tilt the power balance in Hollywood in favor of the stre

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