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Streaming media giant Netflix (NFLX.O) has reached an agreement to acquire Warner Bros. Discovery (WBD.O) film studio and streaming business for $83 billion. This move will reshape the Hollywood landscape and create a new global entertainment powerhouse. The deal will transform Netflix into a dominant force in Hollywood, adding a content library that includes top IP such as "Harry Potter" and "Batman," as well as high-quality series from HBO. After a bidding process led by Warner Bros. Discovery CEO David Zaslav, Netflix ultimately beat out competitors like Paramount and Comcast. The cash and stock transaction values the target business at $27.75 per share and is expected to be officially completed after Warner Bros. Discovery's previously announced spin-off of its "Discovery Global" cable television network business.