NEW YORK — Netflix has announced a significant acquisition of Warner Bros. Discovery's film and television studios, along with its streaming division, for $72 billion. This deal, revealed on Friday, marks a major consolidation in the entertainment industry, bringing together two of the most influential players in film and television. Warner Bros. Discovery, known for its extensive portfolio that includes HBO Max and DC Studios, will now be under the control of Netflix, which has established itself as a leader in on-demand content. The acquisition is structured as a cash and stock deal, valued at $27.75 per share of Warner, resulting in a total enterprise value of approximately $82.7 billion. The transaction is anticipated to finalize after Warner completes the separation of its Discovery Global cable operations into a new publicly traded company, expected in the third quarter of 2026. Following the announcement, shares of Warner Bros. rose nearly 3% in premarket trading, while shares of Netflix and Paramount fell by more than 2%. This acquisition represents a strategic shift for Netflix, which has primarily focused on its own original content, including popular series like "Stranger Things" and "Squid Game." Netflix has committed to maintaining theatrical releases for Warner's films, honoring existing contractual agreements. The bidding process for Warner Bros. Discovery has been competitive, with Netflix outbidding Paramount Skydance, which had previously offered nearly $24 per share. Analysts suggest that Netflix's motivation for this acquisition is to secure long-term rights to popular franchises and reduce reliance on external studios as it explores new growth avenues, including gaming. However, the deal is likely to face scrutiny from antitrust regulators in both Europe and the United States. Critics have raised concerns about the potential for increased market concentration, as the acquisition would give Netflix ownership of a major competitor with a substantial subscriber base on HBO Max. In response to these concerns, Netflix has argued that combining its streaming service with HBO Max could benefit consumers by offering a more affordable bundled service. Additionally, Netflix has assured Warner Bros. Discovery that it will continue to release the studio's films in theaters, addressing fears that the acquisition could diminish the theatrical landscape. Warner Bros. Discovery was formed in 2022 when AT&T spun off WarnerMedia, merging it with Discovery Communications in a $43 billion deal. The company has been exploring options to separate its cable and streaming operations, with plans to create distinct entities for its various assets. As the entertainment landscape continues to evolve, this acquisition could redefine the dynamics of Hollywood, further solidifying Netflix's position as a dominant force in the industry.