The American subscription service company, Netflix, announced the purchase of Warner Bros. in a multi-million dollar deal, marking a significant strategic shift for the streaming platform, not only boosting its content quality but also gaining access to a catalog of 102 years of productions.

According to details of the agreement, the purchase was valued at approximately $82.7 billion, or $27.75 per share, with $72 billion as the equity value in the transaction.

Furthermore, the purchase comes just months after Warner Bros. Discovery, the parent company of Warner Bros., announced a division of its networks, streaming platforms and studios, including CNN, TNT Sports, HBO Max and Warner Bros. Television.

The announcement of this division attracted interest from other companies such as Paramount Skydance and Comcast Corp, with Netflix ultimately securing the deal and now expecting the transition to take place over the next year.

Regarding the acquisition, Netflix CEO Greg Peters stated, “We expect to attract and retain more subscribers, and drive growth in revenue and operating profit. We believe this will propel our business forward for decades to come.”

With this agreement, Mike Proulx, vice president of research at Forrester, commented that “Netflix will solidify its position as the streaming giant. The deal revolutionizes the streaming wars and represents a radical shift in the entertainment industry,” he said.

For its part, market research firm MKI Global commented that the addition of Netflix “will provide a greater flow of premium movies and series, reduce the risk of failure, and give the combined group a firmer control over the profitability of each title throughout its lifecycle,” the firm noted.

Finally, during this summer Warner Bros. shares have doubled in price, rising to $1.54, or 6.3%, closing the day at $26.08, while Netflix shares fell $2.98, or 2.9%, to $100.24.