In a scene straight out of Apple TV’s The Studio, streaming giant Netflix has just announced it will purchase Warner Bros. for $82.7 billion in cash and stock, including debt.

Paramount has launched a $108bn hostile bid to buy Warner Bros Discovery, in an attempt to outmanoeuvre Netflix after the streaming giant won an auction for the prized media company last week.

“This acquisition will improve our offering and accelerate our business for decades to come,” Peters said in the release.