On Friday, the streaming giant announced it will be acquiring Warner Bros. in a deal that gives Netflix the studio’s film and television operations as well as HBO and HBO Max. The deal, which is expected to close next fall after Warner Bros. Discovery spins off its cable business (CNN, HGTV, Discovery, and others), surprised the hell out of Hollywood when Netflix announced it Friday morning. Warner Bros. Discovery’s future had been hanging in the balance for weeks, with a series of potential buyers putting in offers. In effect, it gives the streaming giant an identity it didn’t have before and a back catalog that will rival that of Disney+.