Netflix’s agreement to buy Warner Bros. in a $72 billion deal marks a seismic shift in Hollywood, handing the streaming giant control of iconic franchises such as Batman and Harry Potter and triggering an immediate backlash from theater owners and the jilted Ellison family behind Paramount. The bombshell transaction, struck after a bidding war that ensued after David Ellison’s unsolicited bids several months ago, positions Netflix ever more at the center of the Southern California entertainment business that the Northern California company disrupted so famously decades ago.

The deal will see Netflix acquire Warner Bros. Discovery’s film and TV studios and its streaming operations, including HBO Max, in a deal with an equity value of roughly $72 billion, or about $27.75 per share in cash a

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