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Blockbuster merger: Netflix acquires Warner Bros. for $82.7 billion

TL;DR: Netflix has agreed to purchase Warner Bros. as part of a colossal deal valued at $82.7 billion. The purchase, which includes HBO and HBO Max, works out to $27.75 per share of Warner Bros. Discovery – a modest premium over the $24.57 the stock closed at on Thursday afternoon. The deal isn't expected to close until late next year – that is, if regulators don't step in first.