LOS ANGELES >> First, Netflix upended Hollywood. Now, the streaming giant is buying a historic piece of it.

Netflix prevailed in a contentious bidding war to buy Warner Bros., agreeing to pay $72 billion for the storied Burbank film and television studios, its spacious lot, HBO and the HBO Max streaming service.

The two companies announced the blockbuster deal early today, a proposed baton pass that would give Netflix such beloved characters as Batman, Harry Potter, Jon Snow and Fred Flintstone.

“Warner Bros. has some of the best entertainment in the world,” Netflix Co-Chief Executive Ted Sarandos said during a conference call with Wall Street analysts. “The combination of Netflix and Warner Bros. creates a better Netflix for the long term. It sets us up for success for decades to come.

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