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https://apnews.com/article/netflix-warner-acquisition-studio-hbo-streaming-f4884402cadfd07a99af0c8e4353bd83
NEW YORK (AP) — 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 th

e 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.”

“For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture,” David Zaslav, CEO of Warner Bros. Discovery, said in a statement. “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of $82.7 billion, including debt. The transaction is expected to close in the next 12 to 18 months after Warner completes its previously announced separation of its cable operations. Not included in the deal are networks such as CNN and Discovery.

The proposed merger could draw intense antitrust scrutiny, particularly for its effect on streaming subscriptions.

“Netflix is the top streaming service today. Now combined with HBO Max, it will absolutely cement itself as the Goliath in the streaming industry,” said Mike Proulx, vice president and research director at Forrester, a market research company.