Netflix has agreed to buy Warner Bros Discovery TV, film studios and streaming division for $72bn, a deal that would hand control of one of Hollywood’s most prized and oldest assets to the streaming pioneer.

The agreement, announced on Friday, follows a weeks-long bidding war between Netflix and Paramount-Skydance . The streaming giant offered $28 per share, while Paramount offered $30 per share, according to CNBC, which cited sources familiar with the matter.

Under the Netflix deal, each Warner Bros Discovery shareholder will receive $23.25 in cash and about $4.50 in Netflix stock per share, valuing Warner at $27.75 a share, or about $72bn in equity and $82.7bn with debt.

Netflix has offered Warner Bros Discovery a $5.8bn breakup fee, while Warner Bros Discovery would pay Netflix $2.

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