Netflix on Friday agreed to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood's most prized and oldest assets to the streaming pioneer.

Netflix today announced that it will acquire Warner Bros. Discovery's vast studios and streaming operations for $82.7 billion. The transaction will see Netflix acquire Warner Bros., HBO, and HBO Max in a cash-and-stock deal valued at $72 billion in equity and $82.

The cash-and-stock deal would give the world’s largest paid streaming service expansive power over theater owners and entertainment-industry unions.