After weeks of an intense bidding process, Netflix is picking up one of Hollywood's oldest studios in a game-changing deal.

Netflix and Warner Bros. Discovery announced an agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.

Warner Bros. Discovery's friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.