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

Netflix has agreed to acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced Friday.

Streaming giant Netflix has agreed to acquire film and television studio Warner Bros. The acquisition, which gives Netflix access to a vast film catalog as well as the prestigious streaming service HBO Max, is the largest consolidation deal in the entertainment industry since Disney's $71 billion acquisition of Fox in 2019.

The deal to acquire the Hollywood giant’s television and film studios as well as HBO Max will bulk up the world’s biggest paid streaming service.

"Titanic" director James Cameron told podcast "The Town" recently that a takeover of Warner Bros by Netflix would be "a disaster."