Netflix has agreed to buy the film and streaming businesses of Warner Bros Finding for $72bn (£54bn) in a major Hollywood deal.
The streaming giant emerged as the successful bidder for Warner Bros ahead of rivals Comcast and Paramount Skydance after a drawn-out battle.
Warner Bros owns franchises including Harry Potter and Game of Thrones, and the streaming service HBO Max.
Murray Close/Getty ImagesCalling it a “big day” for both companies, Netflix boss Ted Sarandos saeid buying Warner Bros was a “rare chance” to set Netflix up for success “for decades to come.”
David Zaslav,president and chief executive of Warner Bros,added the agreement would combine “two of the greatest storytelling companies in the world.”
“By coming together with Netflix, we will make sure people everywhere will continue to enjoy the world’s most popular stories for generations,” he said.
The deal involves cash and stock, and is worth $27.75 per Warner Bros share. the total value of the deal,including debts,is about $82.7 billion. The cash price is $72 billion.
The boards of directors from both companies have agreed to the deal.
Michael O’Leary, head of trade group Cinema United, said the merger is a “serious threat” to movie theaters around the world.
“This deal will hurt theaters, from the biggest chains to small, independent cinemas.”