Netflix has struck a deal to buy Warner Bros. Discovery, the Hollywood giant behind “Harry Potter” and HBO Max. The $72 billion deal announced Friday would bring together two of the biggest players in television and film and potentially reshape the entertainment industry. If approved by regulators, the merger would put two of the world’s biggest streaming services under the same ownership — and join Warner’s television and motion picture division, including DC Studios, with Netflix’s vast library and its production arm, which has released popular titles such as “Stranger Things” and “Squid Game.”

The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of approximately $82.7 billion.

Netflix's $72 billion deal to acquire Warner Bros. studio has sparked reactions from the worlds of entertainment, politics and business. Michael O’Leary, CEO of Cinema United, warns that Netflix's model could harm theaters and communities. U.S. Sen. Elizabeth Warren calls the deal an “anti-monopoly nightmare,” fearing higher prices and fewer choices. Former WarnerMedia CEO Jason Kilar believes it will reduce competition. And the Producers Guild of America said Friday that a key test for Netflix to pass is whether the deal “promotes opportunities for workers and artists, empowers consumers with choices, and upholds freedom of speech.”