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Hollywood moguls once dismissed the outsize ambitions of Netflix’s executives.

“Is the Albanian army going to take over the world?” former Time Warner Chairman Jeff Bewkes asked a reporter 15 years ago . “I don’t think so.”

Think again. On Friday, Netflix co-Chief Executive Ted Sarandos pulled off an audacious $82-billion deal to buy much of Bewkes’ old haunts: the Warner Bros. film and TV studios in Burbank, and HBO and the HBO Max streaming service in Culver City.

“This is a rare opportunity,” Sarandos said in an investor call. “It’s going to help us achieve our mission to entertain the world and to bring people together through great stories. We’ve built a great business, a

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