Netflix and Warner Bros. Discovery (WBD) have officially struck a deal under which Netflix will purchase the film and television studios of Warner Bros., including HBO Max and HBO, in a deal valued at roughly US $82.7 billion.

The transaction, the largest in Netflix’s history and one of the biggest ever in entertainment, brings together Netflix’s global streaming platform and Warner Bros.’ storied content library, giving Netflix access to blockbuster film franchises and iconic TV shows, from DC Comics and HBO originals to decades-old classics.

This acquisition could reshape Hollywood by consolidating two major content powerhouses under one roof, boosting Netflix’s production capacity and content depth.