Netflix is close to winning Warner Bros. Discovery, the controllers of the Harry Potter and Batman franchises.

According to the New York Times, the entertainment company has entered exclusive talks with Netflix for a deal to sell its movie and television studios and HBO Max streaming service.

The culmination of a deal would send shock waves through Hollywood and the broader media landscape.

Netflix is already the world’s largest paid streaming service, with more than 300 million subscribers.

Bulking up with Warner Bros. Discovery assets would create a colossus with greater leverage over theatre owners and entertainment-industry unions.

It could force smaller companies to merge as they scramble to compete.