Netflix to buy Warner Bros film and streaming businesses for $72bn

Netflix has agreed to buy the film and streaming businesses of Warner Bros Discovery for $72bn (£54bn) in a major Hollywood deal.

The streaming giant emerged as the successful bidder for Warner Bros ahead of rivals Comcast and Paramount Skydance after a drawn-out battle.

Warner Bros owns franchises including Harry Potter and Game of Thrones, and the streaming service HBO Max.

The takeover is set to create a new giant in the entertainment industry, but the deal will still have to be approved by competition authorities.