What happens next? WBD will split into two companies. The studios and streaming business will go to Netflix, while the cable networks will be folded into a separately traded company.

As "Wicked: For Good" continues to soar at the box office, one of the quieter winners of the franchise likely isn't NBCUniversal's Peacock, but rather HBO Max, thanks to a library title that first hit theaters 85 years ago.

Netflix is buying Warner Bros. and HBO Max in an $82.7 billion megadeal, reshaping Hollywood. Here's what it actually means.