Netflix has agreed to buy Warner Bros. Discovery's TV and film studios for $72 billion in a blockbuster deal that would reshape the media landscape.

Networks like CNN, HGTV, Food Network, and TLC have long operated under the Warner Bros. Discovery banner, so does this mean they’re headed to Netflix next? For now, no. The current deal does not include the Global Linear Networks. Instead, those assets will be spun off into a separate publicly traded company called Discovery Global.

A theater owner trade group immediately blasted Netflix's $72-billion deal to buy Warner Bros. and HBO. Netflix has long bypassed movie theaters, instead releasing films onto its streaming platform.

While the vast majority of the focus around Hollywood will be on Netflix owning HBO, DC Studios, Harry Potter and one of the most cherished movie libraries (which one exec called like a “futuristic sci-fi movie where one place delivers all entertainment”), the deal will also essentially recreate Discovery Communications with a few more networks.

Among the many burning questions about Netflix’s potential acquisition of Warner Bros. is: What would happen to HBO Max? Would customers continue to subscribe to both, or would it ultimately roll into Netflix?

This is a David and Goliath story – with a twist. Almost exactly 15 years ago today the owner of Warner Bros. and HBO pushed back on Hollywood and Wall Street hype about a streaming upstart named Netflix.