Netflix is set to acquire Warner Bros. in a $72 billion deal for its streaming and studios business.

In a deal worth nearly $83 billion, Netflix says it will acquire key assets like Warner Bros. Studio and HBO after linear cable channels are spun off into a separate company.

The deal will unite beloved historic franchises like Looney Tunes, Harry Potter and Friends and HBO hits like Succession, Sex and the City and Game of Thrones under the same roof as Netflix's less con...