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.

Some in the film industry, including the Writers Guild of America, have criticized the deal, saying it would negatively impact workers and consumers.