Netflix is set to acquire Warner Bros. in a $72 billion deal for its streaming and studios business.

Netflix has struck a deal with Warner Bros. Discovery to buy the legacy Hollywood giant’s studio and streaming business for $72 billion.

In an $82.7 billion deal, Netflix will acquire the Warner Bros. catalog and film-studios division, along with its gaming properties and HBO/Max; other properties, like WBD’s cable channels (CNN, Turne...