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Netflix has announced that it’s struck a deal to acquire Warner Bros. for $82.7 billion. The purchase will go through after Warner Bros.’ planned split from Discovery, and will see the streamer acquire the studio, both HBO and HBO Max, and access to IP including Harry Potter, Game of Thrones, and DC Comics.

Yesterday it was reported that Netflix had won the bidding war to purchase Warner Bros.’ studio and streaming assets, offering $30 a share and pledging a $5 billion breakup fee in case regulators block the buyout. Netflix’s bid won out over interest from Comcast and Paramount, fresh from its own merger with Skydance, though early interest had been reported from Amazon and Apple, too.

Warner Bros. Discovery announced that it was open to an acquisition in October, months after announcing plans to split the company in two: the studio and streaming business on one side, and cable on the other. While Paramount, which had three early bids rejected, had reportedly hoped to buy both halves of the company, Netflix is focused on the studio side.

Any deal will have to clear regulatory hurdles, with opposition already reported from the Department of Justice. And if it goes through, Netflix will have to adapt to a new role in Hollywood, running one of the largest and oldest studios, including the theatrical business it’s historically shied away from.

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