LOS ANGELES — After a heated bidding war, Netflix on Friday announced it will acquire Warner Bros. in a $72 billion deal poised to overhaul the entertainment industry.

The high-profile deal, which totals $82.7 billion with Warner Bros.' debt included, represents an unprecedented consolidation — giving Netflix control of iconic franchises such as "Harry Potter" and the DC Universe, plus classics from "Casablanca" to "Citizen Kane." With its acquisition, Netflix beat out competitors Paramount and Comcast to vastly expand its content library and bring its subscriber base to above 420 million.

Not included in the acquisition are Warner Bros.' cable channels, including CNN, TNT and HGTV, which will be part of a new publicly traded company, Discovery Global, in mid-2026.

While Netflix thus far has insisted it will maintain Warner Bros. operations, including theatrical releases for the studio's films, theater owners and guild leaders have expressed concerns that the deal will further threaten the exhibition industry and allow streaming to continue to dominate the entertainment landscape.

"The negative impact of this acquisition will impact theatres from the biggest circuits to one-screen independents in small towns in the United States and around the world," Cinema United President Michael O'Leary said in a statement to The Times. "Netflix's stated business model does not support theatrical exhibition."

The Directors Guild of America agreed that the deal "raises significant concerns" and said it plans to share its concerns with Netflix and get a better sense of the streamer's long game.

Plus, viewers themselves are already voicing apprehension about the fates of their favorite shows under Netflix's ownership.

Here is a list of all the major assets in the Warner Bros. catalog that Netflix would gain should the acquisition deal go through.

FILM

Harry Potter

Perhaps most widely beloved in this content lineup is the multibillion-dollar Wizarding World, which is a two-for-one deal with the "Fantastic Beasts" property.

With this crown jewel asset, Netflix will steward great generational reach, merchandising power and long-term franchise potential. Harry Potter never dies, and after this deal, Netflix doesn't seem like it will either.

"Lord of the Rings"

Further solidifying Netflix's hold in the fantasy market is its acquisition of "Lord of the Rings" and its twin asset "The Hobbit."

These epics, adapted from J.R.R. Tolkien's renowned novels, form one of the most celebrated film franchises in history, earning multiple Academy Awards and a global fan base that bodes well for Netflix's subscription numbers.

DC Universe: Batman, Superman, Wonder Woman

Netflix with its purchase also drafted a roster of heavy hitters in the DCU, including Batman, Superman and the entire Suicide Squad.

In addition to its film assets, DC has a strong television catalog, its most recent installment being HBO's "The Penguin." Another series, "Lanterns," featuring the Green Lantern characters Hal Jordan and John Stewart, is scheduled to drop next year.

Ultimately, there's little higher-value IP than this.

"Dune"

The Denis Villeneuve-directed film franchise should enhance Netflix's critical reputation and overall standing, despite dismissal from legacy studios.

It looks like Netflix might have the last laugh there.

"Dune: Part Three," the final installment in the film trilogy adapted from Frank Herbert's acclaimed sci-fi novels, is slated for a December 2026 release. Additionally, the second season of the spinoff series "Dune: Prophecy" is now in production.

"The Wizard of Oz"

This Technicolor pioneer is a Warner Bros. mainstay and marks one of several cinematic touchstones making its way into Netflix's hands through this acquisition (see "Casablanca," "Gone With the Wind" and others below).

Note: The "Wicked" films are separate intellectual property, owned and distributed by Universal Pictures.

Honorable mentions:

"Casablanca"

"Gone With the Wind"

"Citizen Kane"

"Mad Max"

"It"

"The Matrix"

"Blade Runner"

"Bonnie and Clyde"

"The Minecraft Movie"

"The Lego Movie"

"Barbie"

"The Shining"

"The Conjuring"

"Weapons"

"Godzilla"

TELEVISION

"Game of Thrones"

Leading HBO's contributions to Netflix's exponentially expanding library is the "Game of Thrones" franchise, which includes prequel series "House of the Dragon," which recently wrapped filming on its third season, and "A Knight of the Seven Kingdoms," which premieres in January.

With several additional spinoffs scheduled for the years ahead, Netflix's management could shape the next era of Westeros storytelling.

"The Bachelor"

In acquiring "The Bachelor" and its spinoff assets, Netflix inherits a low-cost, high-reward content machine — a perfect companion to "Love Is Blind," "Too Hot to Handle" and its other reality offerings.

Plus, what's a better binge watch than a messy show with dozens of seasons of drama?

Animation: Looney Tunes and Hanna-Barbera

The Looney Tunes characters — including Bugs Bunny, Daffy Duck and Porky Pig — plus the Hanna-Barbera roster of favorites like "Scooby-Doo," "Yogi Bear" and "The Flintstones" are among the most influential in the animation sphere.

These shows are among Netflix's most nostalgia-driven acquisitions and also bolster its family-friendly material, which tends to help with subscriber retention.

"Friends"

Consistently ranked as one of the best sitcoms of all time, "Friends" is a classic comfort watch (and rewatch).

The show left Netflix in the U.S. at the end of 2019 and is set to be removed from Netflix U.K. at the end of this month.

"The Sopranos"

"The Sopranos" is widely considered one of the best TV dramas of all time. The show ushered in the Golden Age of Television and solidified HBO as a premium destination for prestige television.

Here's to hoping Netflix is no Midas in reverse.

Honorable mentions:

"The West Wing"

"Euphoria"

"Succession"

"True Detective"

"Curb Your Enthusiasm"

"The Pitt"

"The Penguin"

"Ted Lasso"

"Abbott Elementary"

"Gossip Girl"

"Gilmore Girls" (already streaming on Netflix)

"The White Lotus"

"Big Bang Theory"

"Veep"

"The Vampire Diaries"

———

(Times staff writer Meg James contributed to this report.)

———

©2025 Los Angeles Times. Visit latimes.com. Distributed by Tribune Content Agency, LLC.