NEW YORK — Netflix has struck a deal with Warner Bros. Discovery, the legacy Hollywood giant behind "Harry Potter" and "Friends," to buy its studio and streaming business for $72 billion.

The acquisition would bring two of the industry's biggest players in film and TV under one roof and alter the entertainment industry landscape. Beyond its namesake television and motion picture division, Warner owns HBO Max and DC Studios. And Netflix is ubiquitous with on-demand content and has built its own production arm to release popular titles, including "Stranger Things" and "Squid Game."

"For more than a century, Warner Bros. has thrilled audiences, captured the world's attention, and shaped our culture," David Zaslav, CEO of Warner Bros. Discovery, said in a statement Friday. "By coming togethe

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