Netflix ‘s stock fell in early trading Friday after the company announced a debt-fueled deal to acquired Warner Bros. Discovery’s studios and HBO Max streamer — while investors pushed WBD stock to its highest levels in more than three years.

Shares of Netflix dropped more than 2% Friday, while WBD stock was up 2.1% to more than $25/share. For Warner Bros. Discovery , that is the highest its stock price has been since it closed at $26/share on April 13, 2022, after Discovery Communications closed its WarnerMedia acquisition.

Netflix and Warner Bros. Discovery announced the deal Friday before the market opened . The deal carries an equity value of $72 billion and an enterprise value of (including debt) of $82.7 billion, the companies said. WBD shareholders will receive $27.75/share

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