Streaming giant Netflix has agreed to acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced Friday.

The acquisition, which gives Netflix access to a vast film catalog as well as the prestigious streaming service HBO Max, is the largest consolidation deal in the entertainment industry since Disney's $71 billion acquisition of Fox in 2019.

The transaction values Warner Bros. Discovery at $27.75 per share, implying a total equity value of approximately $72.0 billion and an enterprise value -- including debt -- of around $82.7 billion.

Warner Bros. Discovery shares closed at $24.54 on the Nasdaq on Thursday.

Over the decades, Warner Brothers has produced film classics including "Casablanca" and "Citizen Kane", as well as more recen

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