Netflix announced plans Friday to acquire Warner Bros. Discovery’s studio and streaming business in a deal that valued the assets at $82.7 billion, including debt.

The cash-and-stock deal is expected to close after Warner Bros. Discovery finishes its previously announced plans to carve out its cable business, which the companies expected be completed by the third quarter of 2026.

The announcement will send shock waves through Hollywood and the broader media landscape. Netflix is already the world’s largest paid streaming service, with more than 300 million subscribers. Bulking up with Warner Bros. Discovery assets would create a colossus with greater leverage over theater owners and entertainment-industry unions. It could force smaller companies to merge as they scramble to compete.

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