(CNN) — Netflix’s shocking $72 billion bid to buy Warner Bros. and HBO is the rare corporate mega-merger that can shift the tectonic plates of an entire industry and permanently change the way all of its participants do business.

In other words: It’s the kind of deal that could force antitrust regulators to put away their rubber stamps and take out their magnifying glasses.

Hollywood is at a precarious moment, upset by rapidly changing consumer behavior fueled by significant growth of tech rivals, including YouTube, TikTok and, well, Netflix. That has created massive uncertainty for legacy movie and television businesses. Hollywood acknowledges that its industry is in crisis and needs to adapt – perhaps through consolidation.

Netflix believes a combination with Warner Bros. and HBO

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