Netflix has struck a $72 billion deal to acquire Warner Bros Discovery’s TV and film studios and streaming division, marking one of the largest transactions in Hollywood history and giving the streaming giant control of some of the industry’s most iconic franchises.

The agreement, announced Friday, comes after a weeks-long bidding battle in which Netflix topped Paramount Skydance’s $24-per-share offer with a $28-per-share bid for the assets. Warner Bros Discovery shares closed at $24.5 on Thursday, giving the company a market value of $61 billion.

The acquisition hands Netflix ownership of marquee properties including Game of Thrones, DC Comics, and Harry Potter, further consolidating the streaming platform’s dominance in the media landscape.

The deal is expected to face antitrust scr

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