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.”

The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of approximately $82.7 billion.

The transaction is expected to close in the next 12 to 18 months — after Warner completes its previously-announced separation of its cable operations. Not included in the deal are networks like CNN and Discovery.

The bid will draw tremendous antitrust scrutiny. Beyond TV and movie production, the merger would bring two of the streaming world’s biggest names — Netflix and HBO Max — under the same ownership.

If the transaction goes through, Netflix “will cement itself as the Goliath of streaming,” said Mike Proulx, a VP research director at Forrester. "This deal changes the calculus of the streaming wars, representing a seismic shift in the entertainment industry.”

What the future of both Netflix and HBO Max will look like has yet to be seen.

But if the two platforms remain separate subscriptions, users may encounter more “bundle” promotions — and boost content libraries more broadly.

Netflix on Friday said that the addition of HBO and HBO Max programming will give its members “even more high-quality titles from which to choose” and “optimize its plans for consumers.”

Still, some warn that consolidation across the industry will mean less variety of content — and fewer choices for consumers down the road.

Gaining Warner’s legacy studios would mark a notable shift for Netflix, particularly its presence in theaters.

Under the proposed acquisition Netflix has promised to continue theatrical releases for Warner’s studio films — honoring Warner’s contractual agreements for movie releases.

Netflix has kept most of its original content within its core online platform. But there’s been exceptions, including qualifying runs for its awards contenders, including this year’s “Frankenstein,” limited theater screenings of a “KPop Demon Hunters” sing-a-long and its coming “Stranger Things” series finale. Though the streaming company has a policy of not reporting ticket sales, “KPop Demon Hunters” unofficially topped the box office in late August taking in nearly $20 million.