Netflix has agreed to buy Warner Bros Discovery film and TV studios business in a 72 billion US dollar (£54 billion) deal.

The US streaming giant confirmed the deal on Friday after it had emerged as the front-runner to buy the business, which owns franchises such as Harry Potter and Batman , following an auction process.

It had battled with Paramount Skydance and Sky owner Comcast to buy the studio business, which also runs HBO and fellow streaming service HBO Max.

The deal could dramatically further reshape the established Hollywood film and TV industry, which has already faced significant upheaval amid the rapid growth of streaming.

Netflix said it will pay 27.75 dollars (£20.79) per share to investors in the Warner Bros Discovery business.

The deal will close after Warner

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