If government regulators don't torpedo the deal, Netflix is poised to become a movie, TV, and streaming giant even larger than it is today, bringing everything from Batman to Game of Thrones into its fold.

Los Gatos-based Netflix reportedly put in the winning bid to acquire Warner Bros., one of the great legacy studios in Hollywood with a 100-year-old film catalog, along with its television and streaming arms, in a cash and stock deal that values the company at $82.7 billion. Per the New York Times, the deal includes Warner Bros. Discovery's debt, and it will involve spinning off the Discovery cable business as a separate, publicly traded company next year — meaning that Netflix will not ultimately own channels like CNN, Discovery, Food Network, and HGTV.

As the Associated Press explains, the transaction value is closer to $72 billion, and the deal will take 12 to 18 months to close. And if it all goes through, the deal will roil Hollywood and change much of the landscape in terms of streaming content, giving Netflix enormous power and leverage in both film and TV.

"This deal changes the calculus of the streaming wars, representing a seismic shift in the entertainment industry," says Mike Proulx, a VP research director at Forrester, speaking to the AP.

But it could face an uphill climb when it comes to antitrust regulators, both in Washington and in Europe — where the deal will also require signoff. And lobbying hard against it will be the likes of competitors Comcast and Paramount — both of whom also put in bids to acquire Warner — and from plenty of big names in Hollywood.

One big question raised is how faithful Netflix will be to a pledge they are making, as part of the deal, to continue theatrical releases of Warner Bros films. (Netflix has, to date, focused on theatrical releases only in limited ways for some of its bigger, Oscar-worthy productions, and those releases have been all but perfunctory.)

As the Times notes, a group of feature film producers sent a letter to Congress already on Thursday opposing the rumored deal, expressing "grave concerns" about what they call the "monopolistic control" Netflix will have over the streaming market if the deal succeeds.

"Netflix views any time spent watching a movie in a theater as time not spent on their platform," the letter reportedly said. "They have no incentive to support theatrical exhibition, and they have every incentive to kill it."

Netflix has agreed to a $5.8 billion breakup fee if the deal fails, and the deal requires Warner to pay Netflix $2.8 billion if they were to accept a higher offer from someone else.

Should Netflix and HBO become one and the same, it will bring a significant catalog of prestige content previously unavailable on Netflix's platform, including Game of Thrones, The Sopranos, and The White Lotus. But the merger also raises questions about how much independence HBO's production arm will maintain — like will the future look more like Girls or KPop Demon Hunters? More Bridgerton or Gilded Age?

The deal also would give Netflix a deep catalog of classic films, including The Wizard of Oz and Casablanca, and the entire DC Comics universe, including the Batman and Superman franchises.

"In a world where people have so many choices, more choices than ever on how to spend their time, we can’t stand still,” said Ted Sarandos, Netflix’s co-chief executive, on a Friday morning conference call, per the Times. "We need to keep innovating and investing in stories that matter most to audiences, and that’s what this deal is all about. The combination of Netflix and Warner Bros. creates a better Netflix for the long run."