Netflix announced plans on Friday to acquire Warner Bros. Discovery’s studio and streaming business, in a deal that will send shock waves through Hollywood and the broader media landscape.

In a deal worth nearly $83 billion, Netflix says it will acquire key assets like Warner Bros. Studio and HBO after linear cable channels are spun off into a separate company.

After next year's already-announced separation of Warner Bros. and Discovery, Netflix says it plans to acquire all of Warner Bros. remaining assets — including its film and TV studios, HBO Max and HBO...