Netflix has agreed a £54bn deal to take over Warner Bros’ film and TV studios.

The deal will commence once the latter’s Discovery Global division – which includes CNN and the TNT Sports – is separated.

As well as its high-profile film studio, Warner Bros’ portfolio includes HBO, the HBO Max streaming platform and DC Studios.

Paramount Skydance and Comcast were the rival bidders for Warner Bros. The former has made a complaint that Netflix was given preferential treatment during the bidding process.

The deal, not expected to close until late 2026 or 2027, is likely to be closely scrutinised by competition regulators in the United States and UK.