Netflix said Friday it will acquire the studio and streaming business of Warner Bros. Discovery, the legacy Hollywood giant behind “Harry Potter” and “Friends,” for $72 billion.

Netflix announced it will buy Warner Bros. Discovery for $72 billion in one of the most colossal deals in recent Hollywood history.

Netflix executives touted the deal as creating jobs and giving the company's 300 million subscribers "more bang for their buck" by adding more content at a time when the administration is focused on a...