Harry Potter, meet “Stranger Things.” Netflix has entered into an agreement to acquire Warner Bros., including its film and television studios, HBO Max and HBO.

The impending acquisition was announced on Friday, Dec. 5, in a move Netflix said will benefit its U.S. production capacity, grow its investment in original content and leave users with more streaming options thanks to Warner Bros.

The two entertainment giants have a major footprint in California, and the acquisition raises questions about how it could affect the state's film and production industry. The deal will follow Warner Bros. Discovery’s previously announced separation of its streaming and studios division and its global networks division into two companies, and it’ll also have to survive a likely lengthy regulatory bat

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