Netflix to buy Warner Bros. Discovery units for $72 billion

US video-streaming giant Netflix has agreed to buy some units of media and entertainment powerhouse Warner Bros. Discovery.

The deal is worth 72 billion dollars. Netflix announced the agreement in a statement on Friday. It says it would acquire Warner Bros. Discovery's film and TV studios, as well as its streaming division. It calls the agreement "definitive" and says it "will strengthen the entertainment industry."

Netflix said the deal will give its members even more high-quality titles to choose from. And it will allow the company to optimize users' plans, enhance viewing options and expand access to content. The Netflix deal will not be completed until it is approved by regulators. That is expected to happen within the next year and a half.