Netflix announced Friday that it will seek to acquire Warner Bros., HBO, HBO Max and related studios from Warner Bros. Discovery in a deal valued at $82.7 billion. The merger is expected to take 12 to 18 months, the company said.

Netflix said the pending merger would allow it to expand its content library and increase theatrical film releases. In addition to offering more titles to subscribers, the company said the deal would provide a larger studio footprint and boost investment in original programming.

“This acquisition will improve our offering and accelerate our business for decades to come,” co-CEO Greg Peters said. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our gl

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