"Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and...

Netflix announced it will buy Warner Bros. Discovery for $72 billion in one of the most colossal deals in recent Hollywood history.

On Friday, Mr. Sarandos sought to reassure a jittery entertainment industry, telling investors that HBO would keep “operating largely as it is.”