Netflix is officially buying Warner Bros. Discovery for a total enterprise value of $82.7B.

Streaming giant Netflix said Friday it will buy film and television studio Warner Bros. Discovery for nearly $83 billion, the entertainment industry’s biggest consolidation deal this decade.

Buying the owner of marquee franchises including Game of Thrones, DC Comics and Harry Potter will further tilt the power balance in Hollywood in favor of the streaming giant that built its dominance w...