Netflix’s $82.7 billion agreement to acquire Warner Bros. has instantly redrawn the map of global entertainment, fusing the world’s largest subscription platform with one of Hollywood’s oldest and most powerful studios.

If “going to the movies” is something you look forward to, then the planned $82.7 billion merger of streaming giant Netflix and movie studio Warner Bros. should be on your radar. Movie theater operators woke up last Friday to the possibility of their world being turned upside down.

The high-stakes battle to buy all or part of Warner Bros. Discovery goes on. But who needs it more to thrive in the future: Netflix or Paramount Skydance. Some thoughts

The $82.7 billion deal will see the streamer adding global franchises like DC, Harry Potter, and Game of Thrones

The consolidation deal between the streaming giant and the film and television studio is the biggest in the entertainment industry this decade.

Netflix announced Friday that it has agreed to acquire Warner Bros. Discovery’s studio streaming-focused company HBO Max for $82.7 billion, including debt.