Netflix announced Friday that it has agreed to acquire Warner Bros. Discovery’s studio streaming-focused company HBO Max for $82.7 billion, including debt.

The fight in Hollywood to buy Warner Bros Discovery is shaping up to be a blockbuster.

The streaming giant had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery’s TV, film studios and strea...