New Delhi, Dec. 5 -- Netflix has agreed to acquire Warner Bros Discovery's TV and film studios and streaming division for $72 billion, a blockbuster deal that would give the streaming division control of one of Hollywood's oldest assets and most prized entertainment empires.

Through this deal, Netflix will gain control of iconic franchises such as "Game of Thrones", "DC Comics", and "Harry Potter". It will also strengthen the streaming giant's hand against rivals like Disney and the Ellison family-backed Paramount.

"Together, we can give audiences more of what they love and help define the next century of storytelling," Netflix co-CEO Ted Sarandos was quoted as saying by Reuters.

The agreement, announced on Friday, was finalised after ...