Netflix agreed to acquire Warner Bros. Discovery’s studio and streaming operations, including HBO and HBO Max, in a $72 billion cash-and-stock deal that would unite two major Hollywood and streaming powers under one owner. The transaction, valued at $27.75 per Warner share and $82.7 billion including debt, excludes cable networks such as CNN and Discovery, which will form a separate company called Discovery Global. The proposed merger, expected to close in 12 to 18 months pending regulatory approval, has drawn swift antitrust and industry scrutiny from labor unions, theater owners and U.S. lawmakers concerned about market concentration, jobs and the future of theatrical distribution.