Netflix has agreed to buy Warner Bros Discovery’s TV and film studios and streaming division for $72 billion. The deal would hand control of one of Hollywood’s most prized and oldest assets to the streaming pioneer that has upended the media industry.

The agreement – announced on Friday – follows a weeks-long bidding war where Netflix seized the lead with a nearly $28-a-share offer that eclipsed Paramount Skydance’s nearly $24 bid for the whole of Warner Bros Discovery, including the cable TV assets slated for a spinoff.

Following the deal announcement, Netflix shares fell nearly 2% in pre-market trading, while Warner Bros Discovery jumped 3%.