Netflix is reportedly deep in exclusive acquisition talks with Warner Bros. Discovery to buy its film & TV studio and HBO’s streaming business. If you felt the ground shake under your sofa, it was probably the sound of studio executives clutching their pearls and cinephiles gasping.If it goes through, the deal would be the biggest jolt to the industry since Disney swallowed Fox. We are saying so because the streamer has never owned a major Hollywood studio, and Warner Bros. is home to Batman, Harry Potter, Looney Tunes, the DC Universe, and so much more!So we're looking at the Tudum hitmaker possibly defying Hollywood gravity. Yes, that was a Wicked reference. Anyway, let's keep reading. Since when has Netflix been trying to acquire Warner Bros. Discovery and HBO?This acquisition came after a weeks-long bidding war. Paramount Skydance (led by David Ellison, and reportedly backed by three Middle Eastern sovereign wealth funds) wanted the whole of the Warner Bros. Discovery catalog for an all-cash takeover. On the other hand, Netflix and Comcast have been targeting only the studio and HBO Max streaming assets.Paramount went nuclear on Thursday morning and claimed:“The sales process has been tainted by management conflicts.” But we have to remember that before Netflix can officially buy anything, Warner Bros. Discovery wants to spin off its cable networks, aka CNN, TBS, TNT, TruTV and Discovery Channel. But regulatory scrutiny isn't guaranteed. Congress received an open letter signed by a consortium of A-list talent saying that a merger between these companies could choke theaters and lower licensing fees across the marketplace. This is the first time in decades that Hollywood’s most powerful have teamed up. So that means something. Will Netflix actually shrink theatrical? View this post on Instagram Instagram PostIf you want to scare a cinephile, here's an idea. Tell them a streaming giant might take control of Warner Bros. and its library and release films only for one-week Oscar-qualification runs before sending them straight to streaming. Danielle Solzman warned that the new philosophy could be a disaster for the theatrical ecosystem. Warner Bros. stood up for theaters even during the WWII era. The other has built its empire by teaching us to stay home.Classics could get buried in algorithms, new films will autoplay, and the Warner Archive and physical media collections could be dismantled. What happens if the deal goes through? A successful acquisition would make Netflix Hollywood’s biggest studio. HBO and Warner Bros. would become exclusives on the platform. View this post on Instagram Instagram PostWhat we can expect is that HBO hits like House of the Dragon, The Last of Us, Euphoria, and True Detective could eventually exist on Netflix. Plus, the DC Universe (including Batman, Joker, Superman, Wonder Woman) becomes a Netflix franchise Harry Potter content moves under the umbrella.So technically, every Warner Bros. classic that fans rave about (from Casablanca to Barbie) becomes the streaming giant's property entirely. For now, Warner Bros. and HBO content still streams on Max.