As we detailed earlier, Netflix and Warner Bros Discovery announced today a $72 billion merger, in a deal intended to consolidate Hollywood into the hands of a streaming giant.

"Our mission has always been to entertain the world," said Ted Sarandos, co-chief executive of Netflix.

He added that the combination of the two entertainment giants together "can give audiences more of what they love and help define the next century of storytelling."

Here's a snapshot of the deal terms:

Each WBD share converts into $23.25 in cash plus $4.50 in Netflix stock

Boards of both companies unanimously approved the transaction

Closing in 12–18 months, pending regulatory review and WBD shareholder approval

Bankers for NFLX: Moelis, Skadden; additional financing by Wells Fargo, BNP, HSBC

Bankers for WBD: Allen & Co., J.P. Morgan, Evercore; legal counsel Wachtell and Debevoise