Netflix to acquire Warner Bros. studio and streaming business for $72 billion

NEW YORK — Netflix struck a deal Friday to buy Warner Bros. Discovery , the Hollywood giant behind “Harry Potter” and HBO Max , in a $72 billion deal that would bring together two of the biggest players in television and film and potentially reshape the entertainment industry .

If approved by regulators, the merger would put two of the world’s biggest streaming services under the same ownership — and join Warner’s television and motion picture division, including DC Studios , with Netflix’s vast library and its production arm, which has released popular titles such as “Stranger Things” and “Squid Game.”