Warner Bros., the film studio that’s older than television and probably your grandmother, has been the gift that everybody was trying to get their hands on this holiday season. Paramount wanted it.

Netflix’s deal to acquire Warner Bros., one of Hollywood’s oldest movie studios, poses seismic shifts to the entertainment industry and the future of moviegoing. As one of the remaining “big five” ...

Netflix’s $82.7 billion deal to buy major Hollywood studio Warner Bros. rocked the industry Friday morning, as Netflix co-CEO Ted Sarandos said theatrical release windows will “evolve to be much more ...