Netflix agrees blockbuster $72bn deal for Warner Bros studios

Netflix has agreed a $72bn (£54bn) deal to secure Warner Bros Discovery's film and TV studios and supercharge its library through rights to top franchises including Harry Potter and Game of Thrones.

It had been reported that the US streaming giant was in exclusive talks over the deal following a bidding war for the assets.

Paramount Skydance and Comcast, the ultimate owner of Sky News, were the rival suitors.

While Netflix has agreed a $27.75 per share price with WBD, the deal is set to attract scrutiny from competition regulators, particularly in the United States.

Further drama could come in the form of a complaint by Paramount, which had previously made a bid for the whole company, surrounding the bidding process, according to CNBC.

Entertainment news provider Variety has also reported that major studios fear an institutional crisis for Hollywood unless the move is blocked.

The deal does not include WBD's cable networks including CNN and TNT sports channels.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.