New Delhi, Dec. 5 -- Netflix Inc. said on Friday it has agreed to acquire the film and television studios, alongside the streaming division, of Warner Bros Discovery (WBD) in a deal worth $72 billion. This monumental purchase is set to transfer stewardship of one of the film industry's oldest and most prestigious properties to the modern streaming powerhouse, fundamentally reshaping the global media landscape.

The acquisition, made public on Friday, will consolidate two titans of cinematic and episodic content production under a single corporate umbrella. Beyond its heritage TV and motion picture operations, Warner controls key assets like the premium streaming service HBO Max and DC Studios. For its part, Netflix has built its dominance...