Netflix agreed to acquire Warner Bros. Discovery (specifically its film/TV studios and streaming assets) for about $82.7 billion — giving Netflix control over major franchises (e.g. DC, Harry Potter, Game of Thrones) and massively expanding its content library. The deal is set to close after WBD spins off its cable-networks arm (to become Discovery Global) by Q3 2026, though it faces significant regulatory and antitrust scrutiny.