Under the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix. (Photo: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Netflix Inc. agreed to buy Warner Bros. Discovery Inc. in a historic combination, joining the world’s dominant paid streaming service with one of Hollywood’s oldest and most revered studios.

Under the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix. The total equity value of the deal is $72 billion, while the enterprise value of the deal is about $82.7 billion.

Prior to the closing of the sale, Warner Bros. will complete the planned spinoff of cable channels including CNN, TBS and TNT.

The acquisition marks an dramatic strategic shi

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