Netflix announces deal to buy Warner Bros. and HBO

Netflix has triumphed in the bidding war for Warner Bros. and HBO, announcing a deal that could combine two of the three biggest streamers with one of the largest traditional movie and television studios.

If the deal goes through, it will fundamentally reshape Hollywood at a precarious time for the entertainment business. It would give Netflix control of some of the industry’s most valuable intellectual property, including Batman, Harry Potter and Game of Thrones, and would give a company that historically had very little interest in movie theaters oversight of the studio that put more butts in seats than any other this year.