NEW YORK (AP) — In a groundbreaking move, Netflix has announced a $72 billion acquisition of Warner Bros. Discovery, a venerable name in the entertainment industry.

Unveiled on Friday, this acquisition will unite two titans of film and television under a single banner. Warner Bros. Discovery, known for its extensive portfolio, includes HBO Max and DC Studios. Meanwhile, Netflix, a leader in streaming, has captivated audiences worldwide with its original hits like “Stranger Things” and “Squid Game.”

The agreement, a mix of cash and stock, values Warner at $27.75 per share, resulting in a total enterprise valuation of around $82.7 billion. This transaction is scheduled to finalize following Warner’s strategic separation of Discovery Global into a standalone public entity by the third quarter of 2026.