Netflix to buy Warner Bros Discovery’s studios, streaming unit for $72 billion

Netflix has agreed to buy Warner Bros Discovery‘s TV and film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood’s most prized and oldest assets to the streaming pioneer that has upended the media industry.

The agreement – announced on Friday – follows a weeks-long bidding war where Netflix seized the lead with a nearly $28-a-share offer that eclipsed Paramount Skydance’s nearly $24 bid for the whole of Warner Bros Discovery, including the cable TV assets slated for a spinoff.

Warner Bros Discovery shares…