Netflix has struck a historic agreement to acquire Warner Bros. Discovery’s TV and film studios along with its streaming assets in a deal valued at $72 billion. The acquisition, which comes after a competitive bidding war, will bring beloved shows, movies, and franchises under Netflix’s umbrella.

The deal grants Netflix control of iconic franchises such as DC Comics, “Game of Thrones,” and “Harry Potter,” while merging Warner’s vast content library with Netflix’s global reach and original productions. Under the terms, Warner Bros. Discovery shareholders receive a mix of cash and Netflix stock, valuing the company at $27.75 per share and raising the total enterprise value to about $82.7 billion including debt.

Netflix has promised that theatrical film releases will continue despite the shift, aiming to reassure studios, filmmakers, and regulators. Still, the deal is expected to draw intense regulatory scrutiny, especially in the US and Europe, because of concerns that such consolidation could reduce competition and limit content diversity.