WASHINGTON — Netflix announced Friday a deal with Warner Bros. Discovery to buy the legacy Hollywood giant’s studio and streaming business for $72 billion.

The seismic move would bring two of the industry’s biggest players in film and TV under one roof and give a new home to some of the world's most beloved franchises.

Warner Bros. Discovery is splitting the company into two publicly traded halves. Once finalized and approved, Netflix will take the Warner section and the other half, named Discovery Global, would keep the cable channels including CNN, TBS and TNT.

What does Warner Bros. own?

Beyond its namesake television and motion picture division, Warner owns HBO Max and DC Studios.

Netflix pointed out in its release that the deal will add a number of beloved franchises, sho

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