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.

But if Netflix acquires Warner Bros., this long-prophesied death may finally arrive, not in the sense that filmmaking will cease but in the sense that Hollywood will become a system that circles a sin...

Netflix said the deal has a total enterprise value of $82.7 billion, its biggest ever acquisition.