In a watershed move, Warner Bros. Discovery announced Friday it has agreed to sell its streaming and studios assets to Netflix in a deal valued at $82.7 billion, setting the stage for one of the most

Netflix’s deal to acquire Warner Bros., one of Hollywood’s oldest movie studios, poses seismic shifts to the entertainment industry and the future of moviegoing.

The agreement announced Friday follows a weeks-long bidding war where Netflix seized the lead with a nearly $28-a-share offer that eclipsed Paramount Skydance's nearly $24 bid for the whole of Warner ...