Netflix (NFLX) said it will acquire Warner Bros. Discovery (WBD), including its film and television studios, HBO Max and HBO, for a total enterprise value of ~$82.7 billion. The streaming giant will buy WBD for $27.

Netflix struck a deal to buy one of Hollywood’s most storied studios.

“The world’s largest streaming company swallowing one of its biggest competitors is what antitrust laws were designed to prevent,” the Writers Guild of America, the union representing Hollywood writer...